Stock Details
| Ticker | Company | Last | Change | Stock(8) | RSI(14) |
|---|---|---|---|---|---|
| TSLA | Tesla Inc | 193.76 | -3.1 % | 79.41 | 44.36 |
Technical Analysis Report: TSLA
Tesla Inc. (TSLA) exhibited a spinning-top candlestick pattern, commonly understood as a sign of indecisiveness in the market. This suggests a possible change in the current market trend from bullish to bearish, which is further backed up by other technical indicators.
Technical Indicators Analysis
In this scenario, the company's stock closed with a stochastic(8) reading of 79.41, which is typically understood as an overbought condition. The relative strength index (RSI(14)) value was 44.36, a neutral reading, offering no clear signal for the short-term direction.
The stock's closing price was under the exponential moving average for the last 21 and 80 days (EMA21, EMA80), and EMA80 was on a bearish trend. The relationship between the two EMAs, with EMA21 trading below EMA80, is another clear signal that the bearish trend might continue in the near future.
The Average Directional Index (ADX) was recorded at 32.75, indicating a strong trend, which in this bearish setup is not positive for the bulls.
The last noteworthy point is the price drop by -3.1% in the last trading session.
Sentiment for next period
Observing the factors discussed above, the sentiment appears to be bearish for the next period. The combination of the spinning top pattern, closing price below both EMAs, bearish trend in EMA80 and a high ADX value could mean a further drop in the stock price.
Disclaimer
This report is purely based on technical analysis and doesn't take into account fundamental factors like company's earnings, revenues, etc. The interpretation and utilization of this analysis are solely at the reader's discretion. This should not be considered a recommendation, and investment decisions should be carefully taken based on individual risk management strategies.