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March 11, 2023
- Tesla hasn't been as low as $168.44 in 5 weeks.
- Key support at $168.49 holds firm despite apparent early break
A 6 day downtrend has resulted in the asset losing $24.87. With a marginal improvement upon yesterday's session, after ending Thursday at $172.92, Tesla spiked to $178.29 yesterday, dropped back to starting point range, and rallied again to $173.44.
Tesla hit a significant low of $108.1 around 2 months ago, but has since recovered 59.96%.
Technical chart analysis shows after reaching the $168.49 support zone, Tesla bounced and climbed $4.95 above it. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Tesla's upper Bollinger Band® is at $219.71 and the lower is $171.67.
Overall, the technical outlook suggests Tesla is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Walt Disney drops 2.67% yesterday to close at $96.14. Amazon lost 1.65% yesterday and closed at $90.73. Lowe's closed at $196.66 (down 1.2%).
