Shares of Tesla Motors (TSLA) - Get Report declined as much as 4.76% on Friday, falling from Thursday's close of $229.36 to a session low of $218.42. While the volatility in Tesla shares will remain, now's the time to ride the stock back up, until the charts say it is time to park. The GPS says a rise to $230, or 5.5% higher, is the cards.

Tesla's reversal Friday is exactly what I warned about prior to the opening bell when I cited, among other things, allegations of suspension safety concerns:

"If you want to hang on for the ride, go ahead. But if you want to take some profits now, the charts back you up. They suggest a fall to below $220 is possible. So why take the chance on an even bigger decline, especially with allegations of safety concerns denied by Tesla Thursday."

Jim Cramer, TheStreet's founder, recently warned that Tesla's technical metrics is what to focus on when trading the stock since the stock is not tied to fundamentals. On Friday morning, I pointed to the fact that Tesla's chart called $218 as the stock's next level of support. Tesla shares closed Friday at $218.79, losing $10.57, or 4.61%. And its technicals, courtesy of TradingView, have become highly predictable.

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The chart above shows the bounce Tesla shares made on Friday after falling to $218.42, below its 20-day average of $19.32 (blue line). The fact that the shares maintained $218 affirms my prior thesis of support. A drop below $218, however, could have pushed the stock below its 100-day average of around $213. So while the shares are now below the 50-day of $232.27 (pink line), they're in no worse shape than they were before Friday's decline.

In other words, a buying opportunity has been created for those nimble enough to get in and out of the stock following my trades. As it stands, the stock points to a reversal of above $230 to around $232, or gains of 5.5% to 6.5%, as the stock attempts to recapture the 50-day average.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.