- Tesla hasn't been as low as $137.66 in 2 years.
- Tesla has just crossed the lower Bollinger Band® at $141.67, indicating further losses could be forthcoming.
Tesla has lost 23.04% over the last 7 days. Yesterday's session continued the recent downtrend: Elon Musk's EV company found support around the $137.8 level, after closing Monday at $149.87 and dropping by 8.05% yesterday.
Elon Musk's EV company has shed 51.46% over the past three months.
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. A crossing of the lower Bollinger Band® at $141.67 suggests further losses may follow for Tesla. In contrast, Tesla could begin to recover as it approaches significant support, now $3.08 away from $140.88. 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 Building Permits (Nov) released yesterday at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million.
Tesla was not the only decliner in the consumer discretionary sector; Alibaba decreases 1.42% yesterday to close at $87.16.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Walt Disney gained 1.45%, as it traded at $87. McDonald's traded at $267.25 after closing yesterday's trading day at $265.83 (up 0.53%).
Upcoming fundamentals: United States Crude Oil Inventories expected to decline to -1.66 million while its preceding data was 10.23 million, data will be available today at 15:30 UTC.