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June 23, 2023- Price action honing in on likely support at $252.12
- Tesla looks below $255.96 (10 day Simple Moving Average) as signpost for new negative trend
Having fallen $9.84 in 4 days, More of the same from today's session: in today's bearish session, the trendy EV maker shed around 3.03% in quick fashion, found support around the $252.8 level and finally closed at $256.6. In contrast, the day's events followed yesterday's session in which the stock closed at $264.61.
The stock has been trending positively for about a month. Tesla hit a significant low of $108.1 around 5 months ago, but has since recovered 144.78%.
Tesla made an initial break below its 10 day Simple Moving Average at $255.96, a possible indication of a forthcoming negative trend. On the other hand, note that Tesla could begin to recover as it approaches significant support, now $4.48 away from $252.12. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Tesla to extend its recent losses.
Fundamental indicators – United States Services PMI released today at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9.
Tesla was not the only decliner in the consumer discretionary sector; Toyota falls 2.37% today to close at $157.11. Starbucks drops 2.49% today to close at $100.85. McDonald's closed at $289.91 (down 1.16%).
