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April 13, 2023
- Next support is currently $3.83 away at $176.71
- Price action is currently stuck around the active Fibonacci support level of $181.27
Tesla has lost 12.98% over the last 8 days. Yesterday's session continued down the same path: an influx of sellers pushed Elon Musk's EV company to session lows around $180.31 while establishing a $180.31 to $191.58 session range yesterday.
Tesla hit a significant low of $108.1 around 3 months ago, but has since recovered 72.79%.
Visual analysis of Tesla's chart shows that Tesla could begin to recover as it approaches significant support, now $3.83 away from $176.71. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that Tesla made an initial break below its 21 day Simple Moving Average at $188.76, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $181.27 currently serving as support. If price action breaks below, the next Fib hurdle is $173.22. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $176.09, a low enough level to, generally, suggest that Tesla is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Tesla will remain range-bound for the immediate future.
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