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April 17, 2023- Price action honing in on likely support at $180.16
- Lower Bollinger Band® at around $177.8
Though in the midst of a 3 day uptrend, gaining a total of 2.47%, ($5.36), The prevailing bullish trend is beginning to fade following Friday's downbeat session. The trendy EV maker has recovered almost all of its session losses after dipping down to $182 Friday.
Tesla hit a significant low of $108.1 around 3 months ago, but has since recovered 71.97%.
Despite being in the red so far in the current trading session, Tesla peaked above its 5 day Simple Moving Average around $184.56 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $177.8, a low enough level to, generally, suggest that Tesla is trading below its fair value. Tesla could begin to recover as it approaches significant support, now $4.84 away from $180.16. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Tesla will undergo a significant bounce in the immediate term.
Tesla was not the only decliner in the consumer discretionary sector; Toyota lost 0.93% Friday and closed at $135.96. Alibaba closed at $94.55 (down 1.68%). Walt Disney slides down 0.93% Friday to close at $100.84.
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