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May 03, 2023- Price action honing in on likely support at $157.66
- Tesla looks below $160.15 (5 day Simple Moving Average) as signpost for new negative trend
Though in the midst of a 5 day uptrend, gaining a total of 4.27%, ($8.08), Yesterday's session suggests run might be coming to an end — despite the risk-off mood, Tesla was range-bound between $158.94 to $165.49 and settled at $160.31.
On a negative trend for around a month. Tesla hit a significant low of $108.1 around 3 months ago, but has since recovered 49.7%.
Tesla made an initial break below its 5 day Simple Moving Average at $160.15, a possible indication of a forthcoming negative trend. Despite this, Tesla could begin to recover as it approaches significant support, now $2.65 away from $157.66. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Tesla to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the trendy EV maker is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million.
Tesla was not the only decliner in the consumer discretionary sector; Alibaba went down to $81.53, losing 3.12% after it closed at $84.16 yesterday. Walt Disney went down to $100.6, losing 1.58% after it closed at $102.21 yesterday.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon traded at $103.63 after closing yesterday's trading day at $102.05 (up 1.55%).
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.
