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May 31, 2023- Price action breaks below important support level at $197.68
- Tesla's upper Bollinger Band® is at $199.78 which indicates a further downward move may follow.
During a 4 day uptrend, Tesla gained a total of $18.26, or 7.53%. Now turning against its recent performance, Elon Musk's EV company slides down from $201.16 to $196.68, losing $4.48 (2.23%).
The stock has been trending positively for about a month. The trendy EV maker has recovered 86.09% since descending to a significant low of $108.1 around 4 months ago.
Despite being in the red so far in the current trading session, Tesla peaked above its 200 day Simple Moving Average around $200.55 — typically an early indicator of a new bullish trend beginning to emerge. Despite this, Tesla could begin to recover as it approaches significant support, now 100 cents away from $197.68. Dipping below could be an indication that further losses are ahead. Tesla's upper Bollinger Band® is at $199.78 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Tesla is set to appreciate despite today's setback.
Fundamental indicators – United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million.
Tesla's stock value drop coincides with Toyota is down to $135.29, losing 1.77%, after ending yesterday at $137.73. Home Depot is down to $283.04, losing 2.5%, after ending yesterday at $290.31. Lowe's is trading around $200.24 (down 2.65%).
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
