Tesla's stock tops the 200-day, but here's why bulls aren't in control yet

Tesla’s stock bulls have reclaimed key chart territory, but are controlled by bears longer-term

Shares of Tesla Inc. have powered up more than 11% in the past four days to close Friday back above the widely watched 200-day moving average, to fuel hopes that the 2023 uptrend has resumed after a rough couple of weeks.

Many view the 200-DMA as a guide to the longer-term trend. So while Friday’s rise back above it is certainly a positive technical development, the bullish effects are still likely to be just shorter-term in nature. Read more about how many on Wall Street use the Fibonacci ratio, which is also known as the “golden” or “divine” ratio.

But now the bad news for bulls Even if Tesla’s stock was able to recapture that 2023 uptrend, it would take a further rally of at least 13% from the broken uptrend line to even threaten the much bigger downtrend that started two years ago.

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