Tesla stock price has declined after touching the 466.12 resistance level, edging towards the 50-day simple moving average (SMA), failing to improve the bullish picture in the long term. The stochastic oscillator entered the oversold zone, while the RSI indicator is sloping south, meeting the neutral threshold of 50.
The next immediate support is coming from the 23.6% Fibonacci retracement level of the upward wave from 69.52 to 502.55 at 398.64, which is also within the Ichimoku cloud. Beneath this zone, the stock price could hit the 350.57 barrier and then the 38.2% Fibonacci of 355.83. Slightly lower, the 100-day SMA at 327.67 could attract attention as well.
Otherwise, if the bulls take the upper hand again, the price may find resistance at 466.12 ahead of the record high of 502.55.
To sum up, Tesla stock has been in a strong bullish tendency since March 15 in the long-term timeframe, and only if there is a penetration of the 200-day SMA at 232.94 could the outlook shift to neutral.
