After the recent price breakout, Tesla (NASDAQ: TSLA) stock could be facing a potential pullback based on the equity’s technical setup.
Tesla closed the week at $320.72, up 3.07%. The stock has seen significant investor interest amid the post-election rally that pushed it toward the $400 resistance.
Analysis indicates that TSLA has formed a bearish counter-attack pattern on the weekly chart, a reversal signal that often emerges near resistance zones, according to GDXTrader in an X post on November 16.
“TSLA ended the week with a bearish counter-attack pattern, a reversal signal that occurs when price gaps up at resistance but fails to hold its gains, with bears stepping in to push the price back down to close at the previous week’s high.”
– GDXTrader
This pattern forms when Tesla opens above the prior week’s close, briefly rallies, but…
