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April 26, 2023
- The CCI indicator has fallen below -100 – a bearish signal
- Lower Bollinger Band® at around $155.78
While on a 7 day slump, falling a total of 15.61%, Similar trend today: Tesla is down to $157.84, after ending yesterday at $160.67. Overall, a 1.76% loss or $2.83 today.
Tesla has shed $172 points and is languishing 51.7% lower over the past year, leaving its yearly highs around $332.67 in the rear-view mirror.
Trend 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. Asset volatility analysis shows that Tesla's lower Bollinger Band® is at $155.78, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Tesla has no clear-cut direction.
Fundamental indicators – data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%.
Tesla's stock value drop coincides with Home Depot is down to $292.88, losing 1.16%, after ending yesterday at $296.33.
Positive performances can be seen by looking at other consumer discretionary stocks as Amazon is trading at $105.53 after ending yesterday's session at $102.57 (up 2.88%). Toyota is up 0.8%.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
