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February 24, 2023- Price action is gradually approaching a key resistance hurdle at $206.03
- Despite adding $1.21 today, Tesla ventured below $203.22 (10 day Simple Moving Average) in earlier trade
While in the midst of a 4 day downtrend, losing a total of 3% ($7.45), A possible change of direction spotted from yesterday; Tesla recovered from the previous trading session's losses and went up to $202.07 yesterday after it traded lower at $196.33.
The stock has been trending positively for about a month. Tesla hit a significant low of $108.1 around a month ago, but has since recovered 85.81%.
Tesla could be slowing down soon as it approaches resistance at $206.03. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, Tesla slid below its 10 day Simple Moving Average at $203.22 during the last session — an early indicator that a negative trend could be emerging.
Examining the technical analysis landscape, Tesla is likely to reverse course and start pointing downward in the short term.
Fundamental indicators – data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 7.65 million, but worse than previous figure of 16.28 million.
A look at other consumer discretionary stocks also showed bullish price action as Pinduoduo traded at $86.11 after closing yesterday's trading day at $83.42 (up 3.22%). Home Depot was up 1.02%.
While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Starbucks retreats 1.2% yesterday to close at $104.77.
Upcoming fundamentals: United States Core PCE Price Index (MoM) (Jan) will be released today at 13:30 UTC.
