Stock of the day: Tesla
08 May 2023
The first stock we will analyze today is Tesla, which is a frequent topic on our portal. The last time we wrote about Tesla was in the beginning of March, and back then we were bearish, saying: 'Since then, the stock's value has been decreasing, indicating a return to long-term bearish sentiment. As long as Tesla remains below the blue rectangle, the sentiment will remain negative, and a decline towards $118 seems more likely.'
Well, the price did not drop straight away, but after some time, we saw a proper slide. At the end of April, Tesla managed to set new long-term lows slightly above $150, which was the lowest point since the end of January.
Currently, we can see a spark of optimism here. The price finished the inverse head and shoulders pattern (yellow) and managed to break the neckline of this formation (orange) and the mid-term downtrend line (red). As long as we stay above the orange area, the sentiment on Tesla is positive, and we should see more bullish action this week