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February 22, 2023
- Next support is currently $4.21 away at $193.16
- Tesla looks below $202.56 (10 day Simple Moving Average) as signpost for new negative trend
Tesla shed 5.25%, falling to $197.37.
The stock has been trending positively for about a month. Elon Musk's EV company has recovered 92.7% since descending to a significant low of $108.1 around a month ago.
Tesla made an initial break below its 10 day Simple Moving Average at $202.56, a possible indication of a forthcoming negative trend. In contrast, Tesla could begin to recover as it approaches significant support, now $4.21 away from $193.16. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Tesla to extend its recent losses.
Fundamental indicators – United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million.
Tesla was not the only decliner in the consumer discretionary sector; Home Depot closed at $295.5 (down 7.06%). Lowe's went down to $201.85, losing 5.12% after it closed at $212.75 yesterday. Alibaba went down to $95.1, losing 4.91% after it closed at $100 yesterday.
Upcoming fundamentals: tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million.
