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April 15, 2023
- Tesla is eyeing the $180.16 support level
- Falling prices have precipitated Tesla's approach to its lower Bollinger Band® at $177.8
Though in the midst of a 3 day uptrend, gaining a total of 2.47%, ($5.36), Yesterday's session suggests run might be coming to an end — Elon Musk's EV company has recovered almost all of its session losses after dipping down to $182 yesterday.
Tesla hit a significant low of $108.1 around 3 months ago, but has since recovered 71.97%.
Tesla could begin to recover as it approaches significant support, now $4.84 away from $180.16. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Tesla peaked above its 5 day Simple Moving Average around $184.56 — typically an early indicator of a new bullish trend beginning to emerge. Tesla's lower Bollinger Band® is at $177.8, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems Tesla might start pointing upward in the short term.
Fundamental indicators – data from United States concerning Core Retail Sales was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0% to -0.8% this month.
Tesla was not the only decliner in the consumer discretionary sector; Toyota goes down 0.93% yesterday to close at $137.23. Alibaba went down to $94.55, losing 1.68% after it closed at $96.17 yesterday. Walt Disney went down to $99.9, losing 0.93% after it closed at $100.84 yesterday.
