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May 05, 2023- Next support is currently $1.62 away at $159.58
- Tesla looks below $161.23 (10 day Simple Moving Average) as signpost for new negative trend
Stable at $161.2 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — Elon Musk's EV company went up to $161.2, gaining 0.37%.
Pointing downwards for around a month. Tesla hit a significant low of $108.1 around 4 months ago, but has since recovered 48.58%.
Tesla made an initial break below its 10 day Simple Moving Average at $161.23, a possible indication of a forthcoming negative trend. Despite this, Tesla is approaching key support, around $1.62 away from $159.58. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Tesla is positioned for a downward move in the near term.
Fundamental indicators – data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 229,000 to 242,000 this month.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Walt Disney lost 3.38% yesterday and closed at $97.45. Nike lost 2.42% yesterday and closed at $123.67. Home Depot closed at $285.75 (down 2.5%).
Upcoming fundamentals: today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000.
