Tesla is approaching support range

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The electric vehicle maker Tesla has been reporting issues with deliveries, and most recently, bad quarterly financial results. Due to these reasons, the stock price has been declining.

From a technical analysis perspective, the decline appears to have occurred in a channel down pattern. Most recently, the price reached a new low level and passed below the 50-day simple moving average.

The ongoing decline is expected to look for support in the 200-day simple moving average and the 200.00 mark that acted as resistance in April and June. If the support range fails, the rate could decline and find support in the 190.00 and 180.00 levels. Below these two levels, the price will find support in the summer low level range at 167.80/172.00.

However, in the case of a recovery of the EV maker's stock, the price is set to face the resistance of the upper trend line of the channel down pattern. If the pattern is broken, in theory, the decline is over and a recovery should test the 233.15/237.25 zone.
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