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Tesla price noticed a steep reduction in recent sessions, trading at the $110 mark.
TSLA price fell 2.90% intraday with an increase of shorts buildups.
The EV manufacturer and clean energy company Tesla met selling pressures in the previous 3 months, existing in a downtrend. TSLA persists in forming lower lows and is unfit to sustain its support. Tesla now trades at 2022 lows, and investors are now in fear.
Tesla price is trading below key moving averages, implying that the hawkish moves and the internet fuelled volatility led to sharp selling. The asset lost almost 40% in the last 20 trading sessions.
Daily chart shows steep decline
The price structure looks helpless on the daily chart as the recent swing goes downwards with added selling volume. The bears are maintaining their resilience and bulls are slacking their stability resulting in the price correction.
TSLA stock continues to give investors negative returns this year, and bears are enjoying this selloff with traction in the selling volumes. As per the fib extension, the first mark that sellers await is $100, whereas if stock returns, the immediate hurdle is $125.
Tesla announced a discount by up to 13% on all versions of its Model Y and Model 3 cars again within the last three months in China. Moreover, in the mid of October the price revised by 9%.
Short-Term charts reflect congestion
On the smaller time frame, TSLA stock mirrors a variable move in the last 24 hrs with the formation of the Doji candlestick. The RSI favors the bears, as negative divergence forms earlier. Also, the ADX reveals that the bearish trend has the potential to lead to more declines in the upcoming sessions.
Tesla price trades near the lower Bollinger band and is keen to retest the base round level of $100. For the past few months, the stock traded in the downtrend and continues to face rejection from its 20-day moving average.
Moreover, MACD says it may give crossover in the upcoming sessions as the moving averages coincide.
Conclusion
Tesla Stock price is facing forceful selling and gave an adverse setback for the investors. Moreover, the stock is in the news constantly, which impacts its prices.
Technical Levels
Support range: $100
Resistance range: $125
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
