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June 16, 2023- Tesla is eyeing the $242.39 support level
- Tesla made an initial breakout above its 3 day Simple Moving Average at $255.11, a potential indicator of a newly emerging bullish phase.
On a 16 day uptrend, Yesterday's session put the brakes on the ongoing uptrend — Tesla was steady yesterday maintaining a $247.29 – $258.95 range before closing at $255.9.
The stock has been trending positively for about a month. Tesla hit a significant low of $108.1 around 5 months ago, but has since recovered 137.55%.
Tesla is approaching key support, around $13.51 away from $242.39. 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. Tesla made an initial breakout above its 3 day Simple Moving Average at $255.11, a potential indicator of a newly emerging bullish phase.
Despite muted price action in Tesla, chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – United States Retail Sales released yesterday at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Alibaba traded at $92.2 after closing yesterday's trading day at $89.36 (up 3.18%). McDonald's traded at $292.61 after closing yesterday's trading day at $288.44 (up 1.45%). Toyota traded at $168.18 after closing yesterday's trading day at $165.57 (up 1.58%).
