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May 17, 2023- Prices have climbed $2.45 away from the nearest support level at $164.07
- Tesla made an initial breakout above its 21 day Simple Moving Average at $167.21, a potential indicator of a newly emerging bullish phase.
While on a 4 day downtrend A slight improvement can be seen from yesterday's session: without a clear direction, Tesla closed at $166.52 while ranging between $164.35 and $169.52.
Elon Musk's EV company reached a significant high of $309.32 around 9 months ago but has lost 46.22% since then.
Analysis of Tesla's recent price action suggests Tesla is approaching key support, around $2.45 away from $164.07. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend analysis indicates that Tesla made an initial breakout above its 21 day Simple Moving Average at $167.21, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Tesla's upper Bollinger Band® is at $173.67, suggesting that a downward move may follow.
Overall, the technical outlook suggests Tesla is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Nike lost 2.8% yesterday and closed at $116.48. Walt Disney went down 2.02%, closed at $92.86. Amazon gained 1.98%, as it traded at $113.4.
Upcoming fundamentals: today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 2.95 million.
