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March 02, 2023
- Next support is currently $8.42 away at $182.48
- Lower Bollinger Band® at around $187.31
Having fallen $4.86 in 4 days, Today's session continued the recent downtrend: Elon Musk's EV company hovered around the $190.9 level after closing yesterday at $202.77 and shedding 5.85%, as it reached reached today's session close.
Tesla hit a significant low of $108.1 around a month ago, but has since recovered 87.58%.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $187.31, a low enough level to, generally, suggest that Tesla is trading below its fair value. A study of Tesla's historical price actions shows Tesla could begin to recover as it approaches significant support, now $8.42 away from $182.48. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Tesla will remain range-bound for the immediate future.
Fundamental indicators – United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as McDonald's added 1.85% to its value, and traded at $267.57. Pinduoduo added 5.18% to its value, and traded at $95.76. Starbucks traded at $103 after closing today's trading day at $101.43 (up 1.56%).
Upcoming fundamentals: United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
