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March 08, 2023
- Tesla hasn't been as low as $180 in 4 weeks.
- Tesla has just crossed the lower Bollinger Band® at $184.61, indicating further losses could be forthcoming.
Tesla has been losing ground for 3 days, shedding a total of 8.03% of its value. Similar trend today: Elon Musk's EV company drops 3.1% in early trade and remains within touching distance of the $181.9 level.
Tesla hit a significant low of $108.1 around 2 months ago, but has since recovered 73.64%.
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. A crossing of the lower Bollinger Band® at $184.61 suggests further losses may follow for Tesla. Despite this, Tesla could begin to recover as it approaches significant support, now 66 cents away from $181.24. Dipping below could be an indication that further losses are ahead.
In the short term, Tesla is expected to maintain its recent downtrend and continue spiralling lower.
Fundamental indicators – United States Crude Oil Inventories published today at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.
In the meantime, negative performances are also seen in other consumer discretionary stocks as Alibaba is down to $86.89, losing 2.07%, after ending yesterday at $88.73. After closing the previous session (yesterday) at $267.13, McDonald's lost $2.55 and is trading around $264.58.
Positive performances can be seen by looking at other consumer discretionary stocks as Lowe's is trading at $200.14 after ending yesterday's session at $197.41 (up 1.38%).
Upcoming fundamentals: tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000.
