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April 05, 2023- Price action honing in on likely support at $189
- Price action is currently stuck around the active Fibonacci support level of $191.79
Having fallen $12.69 in 3 days, Yesterday's session continued down the same path: an influx of sellers pushed Elon Musk's EV company to end the session lower around $192.58, while establishing a $190.32 to $198.74 session range yesterday.
After hitting an important low of $108.1 approximately 3 months ago, Elon Musk's EV company has bounced back 80.18% since.
Tesla made an initial break below its 10 day Simple Moving Average at $194.38, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $191.79 currently serving as support. If price action breaks below, the next Fib hurdle is $187. In contrast, Tesla could begin to recover as it approaches significant support, now $3.56 away from $189. Dipping below could be an indication that further losses are ahead.
Looking forward, Tesla is poised to extend its strong downtrend and continue declining.
Fundamental indicators – United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Nike added 1.66% to its value, and traded at $123.69. Alibaba traded at $100.72 after closing yesterday's trading day at $98.39 (up 2.37%). Amazon was up 1.5%.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
