Tesla has seen a notable retracement since the start of 2024 and now appears to be entering a consolidation phase, which I believe could be a higher-degree wave four. So, some caution is warranted in the near term—especially considering the recent tensions between Trump and Elon Musk, which could influence investor sentiment.

Technically, the drop from the December highs near 490 unfolded in five waves, as shown on the daily chart, which further supports the idea of a deeper correction in progress. I believe we may not be at the best time yet to look for new opportunities in Tesla, as better support levels could still lie ahead.

Looking at the weekly chart, there's a strong triangle support zone around the 190–200 area. On the upside, key daily resistance comes in around 380 to 430.

Highlights:
Direction: Sideways (wave IV consolidation)
Support: 190–200
Resistance: 380–430

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Covered stocks: Amazon.com, Inc. (AMZN), Advanced Micro Devices, Inc. (AMD), ASML Holding N.V. (ASML), eBay Inc. (EBAY), Ford Motor Company (F), Nike. (NKE), Tesla, Inc. (TSLA), Exxon Mobil Corporation (XOM), S&P 500 Index (SP500), NASDAQ 100 Index (NASDAQ100), Riot Platforms, Inc. (RIOT), Marathon Digital Holdings, Inc. (MARA)