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May 10, 2023- Tesla is eyeing the $167.2 support level
- Tesla looks below $167.68 (3 day Simple Moving Average) as signpost for new negative trend
Though in the midst of a 10 day uptrend, gaining a total of 10%, ($18.04), Yesterday's session suggests run might be coming to an end — the trendy EV maker dropped 1.54% early on and traded close to the $169.15 level.
Elon Musk's EV company is now trading 44.46% below the significant high of $309.32 it set around 8 months ago.
Tesla made an initial break below its 3 day Simple Moving Average at $167.68, a possible indication of a forthcoming negative trend. On the other hand, note that Tesla could begin to recover as it approaches significant support, now $1.95 away from $167.2. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Tesla to extend its recent losses.
Fundamental indicators – United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million.
Tesla was not the only decliner in the consumer discretionary sector; Nike closed at $125.1 (down 1.4%).
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Toyota gained 2.21%, as it traded at $140.85. Lowe's traded at $207.12 after closing yesterday's trading day at $204.05 (up 1.5%).
Upcoming fundamentals: United States Consumer Price Index is expected today at 12:30 UTC.
