In today’s trade, American electric car maker Tesla (NASDAQ: ) will present fresh and is sure to spring one surprise or another. However, after massive price losses over the past few months, the stock seems to have found a temporary bottom in the $103.72 area and thus just above important horizontal support from August 2020 and is currently making technical resistance to the upside. It is true that no firm ground can be drawn from this, but perhaps the quarterly data expected for today will reveal the desired potential. Market reactions will have to be awaited before consistent trading approaches emerge.
For Tesla stock, the bullish movement can now end at the EMA 50 at $153.49 at the moment, rather it should focus on buying the security in the area of $103.72, where according to the chart technique it is located double bottom if success can appear. In the medium term, a rise to $217.94 would then be possible. However, the effects of recent price cuts in China won’t be fully apparent from balance sheets until next quarter, so a close watch on fundamentals should not be missed and Tesla stock should be cautious. On the other hand, a drop below $90.00 would open further downside risks towards $63.85.
Tesla Motors Inc.; Weekly, local time (GMT+1); Share price at time of writing $143.78; trading place: NYSE; 08:00 in the morning