Tesla Stock (NASDAQ:TSLA) are still hovering close to multi-month highs as bulls prepare to launch another attack on the 200 daily moving average, which is now trading at a discount of about 10% to the price of the stock.

From September to January, Tesla lost roughly two-thirds of its value, and many investors blame this decline to CEO Elon Musk and his contentious takeover of Twitter. As risk sentiment for high-growth firms improved, Tesla stock staged a surge of nearly 110%.

Tesla stock has generally been range-bound over the past two weeks, trading between the 200-DMA and 100-DMA. This range may soon be over, according to BTIG analysts.

Tesla stock “is now showing a momentum rollover based on MACD similar to April and August,” they wrote in a note.

“We believe that the time is still right to fade, and would like to emphasise that the 50 DMA is all the way down at $155.”

Analysts point out that in addition to the 50-DMA, this area also contains the 50% and 61.8% retracement levels of the rise off the lows, corresponding to $160 and $146 per share, respectively.

“It would not be unreasonable to see a re-test of that in the coming weeks, in our view,” they added.

The aforementioned zone predicts a 20% to 30% downside risk from yesterday’s closing price of $200.86.

Tesla stock is indicated to open nearly 2% higher today.