- Despite dipping below $168.49 as support, market bulls are still in control
- The lower Bollinger Band® is currently at $171.67 while the higher band is at $219.71
While on a 6 day downtrend With a marginal improvement upon Friday's session, after closing at $172.92 on Thursday, Tesla rallied as high as $178.29 but ended the day at $173.44.
Tesla hit a significant low of $108.1 around 2 months ago, but has since recovered 59.96%.
Trend analysis indicates that 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. Asset volatility analysis shows that Tesla's upper Bollinger Band® is at $219.71 and the lower is $171.67. A study of Tesla's historical price actions shows Tesla reversed direction at $168.49 support zone and climbed $4.95 above it.
Overall, technical indicators suggest Tesla has no obvious direction for the immediate future.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Walt Disney closed at $93.57 (down 2.67%). Amazon lost 1.65% Friday and closed at $90.73. Lowe's slumps 1.2% Friday to close at $199.05.
Upcoming fundamentals: United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.