Technical Analysis – Tesla stock trades rangebound between SMAs
March 29, 2023 1:27 pm
Tesla’s stock had experienced a massive downtrend since September before recouping some losses after hitting a 31-month low of 101.00 in early 2023. However, the stock seems to have entered another round of weakness lately after its latest advance came to a halt at the 200.00 region.
The momentum indicators are reflecting a divergence with the price action. Specifically, the RSI has flatlined slightly above its 50-neutral mark, while the MACD histogram is holding above zero and its red signal line.
Should the positive momentum intensify further and the price reverse upwards, immediate resistance could be met at the 200.00 psychological mark. Slicing through that zone, the share price may ascend towards the 2023 high of 216.80, which coincides with the 200-day simple moving average (SMA). Even higher, the November peak of 236.40 could come under scrutiny.
On the flipside, bearish actions could sink the price towards the 50-day SMA, currently at 182.60. Should that barricade fail, the bears could target 175.50 before the attention shifts to the recent low of 163.40. Further declines could then cease at the 123.50 obstacle.
In brief, Tesla’s stock has been moving sideways in the last few sessions amid diverging technical signals. Hence, a break above or below the tight range could be followed by a significant move in the same direction.
Tesla’s stock had experienced a massive downtrend since September before recouping some losses after hitting a 31-month low of 101.00 in early 2023. However, the stock seems to have entered another round of weakness lately after its latest advance came to a halt at the 200.00 region.
The momentum indicators are reflecting a divergence with the price action. Specifically, the RSI has flatlined slightly above its 50-neutral mark, while the MACD histogram is holding above zero and its red signal line.
Should the positive momentum intensify further and the price reverse upwards, immediate resistance could be met at the 200.00 psychological mark. Slicing through that zone, the share price may ascend towards the 2023 high of 216.80, which coincides with the 200-day simple moving average (SMA). Even higher, the November peak of 236.40 could come under scrutiny.
On the flipside, bearish actions could sink the price towards the 50-day SMA, currently at 182.60. Should that barricade fail, the bears could target 175.50 before the attention shifts to the recent low of 163.40. Further declines could then cease at the 123.50 obstacle.
In brief, Tesla’s stock has been moving sideways in the last few sessions amid diverging technical signals. Hence, a break above or below the tight range could be followed by a significant move in the same direction.
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