- $136.68 is Tesla's highest rate in 4 weeks.
- Nearest support line of $124.97 is only $3.81 away
Though in the midst of a 9 day uptrend, gaining a total of 16.71%, ($21.15), Yesterday's session suggests run might be coming to an end — in yesterday's bearish session, the trendy EV maker shed around 2.06% in quick fashion, found support around the $127 level and finally closed at $128.78. In contrast, the day's events followed Tuesday's session in which the stock closed at $131.49.
Tesla hit a significant low of $108.1 around 16 days ago, but has since recovered 21.64%.
Technical analysis shows that Tesla could begin to recover as it approaches significant support, now $3.81 away from $124.97. Dipping below could be an indication that further losses are ahead.
Fundamental indicators – data from United States concerning Producer Price Index was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.2% to -0.5% this month.
Tesla was not the only decliner in the consumer discretionary sector; McDonald's went down to $266.04, losing 2.94% after it closed at $274.11 yesterday. Pinduoduo went down to $89.55, losing 5.59% after it closed at $94.85 yesterday. JD.com Inc. lost 2.4% yesterday and closed at $58.52.
Upcoming fundamentals: today at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -593,000 from the preceding figure of 18.96 million.