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June 26, 2023- Price action breaks below important support level at $247.63
- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
Tesla has been losing ground for 4 days, shedding a total of 10.82% of its value. More of the same today: Elon Musk's EV company slides down from $256.6 to $244.76, losing $11.84 (4.61%).
The stock has been trending positively for about 2 months. The trendy EV maker has recovered 137.37% since descending to a significant low of $108.1 around 5 months ago.
Tesla could begin to recover as it approaches significant support, now $2.87 away from $247.63. Dipping below could be an indication that further losses are ahead. The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
In the short term, Tesla is expected to maintain its recent downtrend and continue spiralling lower.
Positive performances can be seen by looking at other consumer discretionary stocks as Nike is up 2.19% to $111.92. Home Depot is trading at $306.11 after ending Friday's session at $300.81 (up 1.76%). Walt Disney is trading at $89.05 after ending Friday's session at $88.1 (up 1.08%).
Upcoming fundamentals: United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.
