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February 25, 2023- Nearest support line of $193.9 is only $3 away
Tesla's downtrend has seen it decline 5.49% in 5 days Yesterday's session continued down the same path: in yesterday's bearish session, the trendy EV maker shed around 2.57% in quick fashion, found support around the $192.8 level and finally closed at $196.88. In contrast, the day's events followed Thursday's session in which the stock closed at $202.07.
The stock has been trending positively for about a month. Tesla hit a significant low of $108.1 around a month ago, but has since recovered 86.93%.
Technical analysis of Tesla's past price action reveals multiple support and resistance levels: Tesla could begin to recover as it approaches significant support, now $3 away from $193.9. Dipping below could be an indication that further losses are ahead.
Fundamental indicators – United States New Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 670,000, while the previous figure was 625,000.
Tesla was not the only decliner in the consumer discretionary sector; Alibaba lost 5.48% yesterday and closed at $89. Toyota lost 2.09% yesterday and closed at $136.05. Amazon closed at $93.5 (down 2.42%).
