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Tesla (TSLA) Starts Week on Back of a Bullish Breakout

Price of action of Tesla (TSLA) stocks closed above 200 last week at about 202.50. This cleared a falling trendline seen in the daily chart below.

TSLA Daily Chart 12/19

(click to enlarge)

Breakout Complete:
- Last week, Tesla came up to the falling resistance, which coincided with the 200 psychological level.
- After a couple of tentative sessions just under 200, price eventually popped up to close the week above this critical level.
- The breakout first opens up the 215 area, around the October highs and where the 200-day simple moving average (SMA) resides. 
- The 239-240 area is the next common resistance. 

Look Out for False Breakout:
- If price fails to hold above 200 this week, the bullish outlook would be shaky .
- If TSLA closes below 196.40, we should consider last week's breakout a false breakout.
- A false breakout would be a bearish signal first to the pivot at 190, but also back towards the Nov-Dec. lows around 180. 
- In this false breakout scenario, the most aggressive bearish outlook would be to the 168-170 area. This area involves a support/resistance pivot and the 78.6% Fibonacci Retracement level.