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March 12, 2023- Despite dipping below $168.49 as support, market bulls are still in control
- The lower Bollinger Band® is currently at $171.67 while the higher band is at $219.71
A 6 day downtrend has resulted in the asset losing $24.87. With a marginal improvement upon Friday's session, after closing at $172.92 on Thursday, Tesla rallied as high as $178.29 but ended the day at $173.44.
2 months ago, the trendy EV maker fell to a low of $108.1 but has since recovered 59.96%.
Trend and momentum analysis indicates that 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. According to asset volatility analysis, Tesla's upper Bollinger Band® is at $219.71 and the lower is $171.67. Technical chart analysis shows Tesla bounced after reaching the $168.49 support zone, climbing $4.95 above it.
Overall, technical indicators suggest Tesla has no obvious direction for the immediate future.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Walt Disney falls 2.67% Friday to close at $96.14. Amazon closed at $90.73 (down 1.65%). Lowe's stumbles 1.2% Friday to close at $199.05.
