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April 06, 2023- Tesla is eyeing the $182.63 support level
- Price action breaks below known Fib level ($187) with $182.19 the next target
Over the last 4 days, Tesla has fallen 10.58%. Yesterday's session continued down the same path: the trendy EV maker found support around the $185.52 level, after closing Tuesday at $192.58 and dropping by 3.67% yesterday.
After hitting an important low of $108.1 approximately 3 months ago, the trendy EV maker has bounced back 78.15% since.
Tesla made an initial break below its 50 day Simple Moving Average at $189.7, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $187, market bears have earmarked $182.19 as the next downside target. Despite this, Tesla could begin to recover as it approaches significant support, now $2.89 away from $182.63. 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 – highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.
Tesla was not the only decliner in the consumer discretionary sector; Amazon closed at $101.1 (down 2.74%). Nike falls 2.26% yesterday to close at $123.69. Home Depot went down to $288.67, losing 2.13% after it closed at $294.96 yesterday.
Upcoming fundamentals: tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 240,000 from the preceding figure of 311,000.
