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April 19, 2023- Next support is currently $5.51 away at $176.97
- Falling prices have precipitated Tesla's approach to its lower Bollinger Band® at $177.53
After 5 days of level trading, Today's session suggests a further slowdown — tough session sees the trendy EV maker shedding 1% in early trade
3 months ago, Elon Musk's EV company fell to a low of $108.1 but has since recovered 70.5%.
A study of Tesla's chart reveals various key levels to watch: Tesla could begin to recover as it approaches significant support, now $5.51 away from $176.97. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note 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 Bollinger Bands® shows an indication of recovery: the lower band is at $177.53, a low enough level to, generally, suggest that Tesla is trading below its fair value.
Overall, the technical outlook suggests Tesla is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.
In the meantime, negative performances are also seen in other consumer discretionary stocks as Walt Disney is down to $99.03, losing 1.89%, after ending yesterday at $100.93. After closing the previous session (yesterday) at $137.04, Toyota lost $1.75 and is trading around $135.29.
Positive performances can be seen by looking at other consumer discretionary stocks as Amazon added 2.48% to its value, now trading at $104.84.
Upcoming fundamentals: United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC.
