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June 25, 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, Friday's session continued the recent downtrend: a tough session dominated by bearish sentiment left Tesla $8 lower, while setting a $252.8 to $262.43 session range.
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. In contrast, 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 Friday and forecasting Tesla to extend its recent losses.
Tesla was not the only decliner in the consumer discretionary sector; Toyota closed at $153.38 (down 2.37%). Starbucks falls 2.49% Friday to close at $100.85. McDonald's went down to $289.91, losing 1.16% after it closed at $293.3 Friday.
