- Recently Elon Musk the Multi-billionaire sold a chunk of TSLA Shares worth of $3.58bn due to which Tesla price prediction showcases the falling pattern of TSLA Stock.
- TSLA Stock price has slipped below 20, 50, 100 and 200-days Daily Moving Average inside an interesting falling pattern.
- The distribution phase for TSLA Share price is situated at $315 as the neckline has not been broken for a long time.
Tesla Stock price prediction suggests that the TSLA share price has been falling through a declining wedge over the daily price chart. The shattering of the most rigid and stable stock that is TSLA stock has started due to the huge sell off by Elon Musk on Monday, Tuesday and Wednesday’s of this week. Now TSLA stock investors need to wait for the opening of Monday’s trading session. Tesla stock price has been slipping through a falling wedge pattern and it must surge towards the upper trendline of the wedge. Selling pressure can be observed over the Tesla share price as it has been continuously declining inside the falling wedge pattern. TSLA stock price must accumulate buyers in order to maintain its dignity and recover over the daily chart.
Tesla Stock price (Tesla Inc TSLA:NASDAQ) is currently approximated at $150.23 and has lost 4.72% in the last 24-hour period. Trading volume is negative as TSLA stock has been raided by the bears. Now investors in TSLA need to remain calm as panic selling is the worst option right now.
Tesla stock price prediction showcases that the stock price needs to attract more buyers in order to escape the falling wedge pattern over the daily price chart. However, volume change can be seen in favor of bears as short selling pressure has struck the share price and it may lead it below $100 if buyers couldn’t save this bearish clutch. Tesla Stock price has slipped till November 2020 low which is the 2022 yearly low, it must gather forces to surge back towards its recovery.
Weekly and Monthly Performance Basics of TESLA Stock Price
Tesla Share price has dropped around 13.58% in a week and around 21.56% in a span of a month. The blood red instance symbolizes that sellers are raiding the stock price since the start of 2022. Now investors just need to wait for any move by the multi-billionaire Elon Musk in the electric car maker, Tesla.
Oversold Condition of TSLA Share Price
Technical indicators do confirm the downtrend momentum of Tesla share price. Relative Strength Index showcases that the Tesla stock price has entered the oversold territory. RSI is at 28 and now TSLA shareholders need to wait for any trend reversal over the daily price chart. MACD exhibits the strong downtrend momentum of TSLA stock price. The MACD line is below the signal line after a negative crossover.
Conclusion
Tesla Stock price prediction suggests that the TSLA share price has been falling through a declining wedge over the daily price chart. The shattering of the most rigid and stable stock that is TSLA stock has started due to the huge sell off by Elon Musk on Monday, Tuesday and Wednesday’s of this week. However, volume change can be seen in favor of bears as short selling pressure has struck the share price and it may lead it below $100 if buyers couldn’t save this bearish clutch. RSI is at 28 and now TSLA shareholders need to wait for any trend reversal over the daily price chart.
Technical Levels
Support Levels: $145.00 and $130.00
Resistance Levels: $175.00 and $185.00
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.
Source: https://www.thecoinrepublic.com/2022/12/17/tesla-stock-price-prediction-when-will-tsla-revert-back-after-elons-selloff/