Shares in Tesla Inc (symbol ‘TSLA’) tested the $100 area before rebounding to the upside in recent sessions. The company’s earnings report for the fiscal quarter ending December 2022 is set to be released on Wednesday 25th of January, after market close. The consensus EPS for Q4 is $1,04 compared to Q4 2021’s $0.68.
‘With the ongoing court case that will decide whether CEO Elon Musk's 2018 tweets about taking Tesla private cost investors billions of dollars , Tesla stock slipped after a strong start Wednesday, but has been rebounding from a Jan. 6 low of 101.81.’ said Antreas Themistokleous, an analyst at Exness: ‘After a rough 2022, Tesla stock has rebounded nicely so far in 2023. Time will tell if the rally in stock price is a short-term event due to a fair valuation or if investors will overlook some of the near-term issues with the automaker and keep pushing the stock price higher.’
On the technical side the price is rebounding in 2023 and is currently in the process of breaking above the daily bearish trendline that is valid since late September 2022. The following sessions are important because they might determine if the trend has reversed for the EV giant and bullish momentum could build up.
If the price manages to make a valid break above the daily trendline we could possibly expect some resistance around the $150 price area which consists of the 23.6% of the daily Fibonacci retracement level and also the psychological resistance of the round number.
The combination of an overbought Stochastic oscillator , the upper band of the Bollinger bands and also the daily trendline currently acting as a resistance make the scenario of a continuation to the downside the most probable scenario based on technical indicators. If we see the price resuming the downward movement we might see some support around the $100 which is the last area of major support of the last swing.
‘With the ongoing court case that will decide whether CEO Elon Musk's 2018 tweets about taking Tesla private cost investors billions of dollars , Tesla stock slipped after a strong start Wednesday, but has been rebounding from a Jan. 6 low of 101.81.’ said Antreas Themistokleous, an analyst at Exness: ‘After a rough 2022, Tesla stock has rebounded nicely so far in 2023. Time will tell if the rally in stock price is a short-term event due to a fair valuation or if investors will overlook some of the near-term issues with the automaker and keep pushing the stock price higher.’
On the technical side the price is rebounding in 2023 and is currently in the process of breaking above the daily bearish trendline that is valid since late September 2022. The following sessions are important because they might determine if the trend has reversed for the EV giant and bullish momentum could build up.
If the price manages to make a valid break above the daily trendline we could possibly expect some resistance around the $150 price area which consists of the 23.6% of the daily Fibonacci retracement level and also the psychological resistance of the round number.
The combination of an overbought Stochastic oscillator , the upper band of the Bollinger bands and also the daily trendline currently acting as a resistance make the scenario of a continuation to the downside the most probable scenario based on technical indicators. If we see the price resuming the downward movement we might see some support around the $100 which is the last area of major support of the last swing.