Tesla began the trading day on June 5, 2023, with an opening price of $217.80. By the close of the market, the stock had slightly dipped to $217.61, marking a marginal decrease of 0.09%. During the trading session, the stock peaked at $221.29 and bottomed out at $214.52. The trading volume for the day stood at 151,143,100 shares, which is a tad higher than the three-month average volume of 146,911,600 shares.
The past fortnight has seen Tesla’s stock price oscillate between $217 and $267. A significant downturn was observed on June 23, with the stock plummeting by 9.8% to $256.60. This decline was attributed to Tesla’s announcement of a recall of approximately 285,000 vehicles in China due to a software glitch.
However, the stock demonstrated resilience on June 24 and June 25, registering gains of 4.9% and 1.8% respectively. This uptick was driven by the company’s announcement of robust Q2 deliveries, totaling 201,250 vehicles, which surpassed analysts’ projections.
Yet, July 1 saw another dip, with the stock dropping 8.6% to $261.77. This was in response to Tesla’s Q2 earnings and revenue figures, which fell short of analysts’ expectations. The company posted earnings per share of $0.91 on a revenue of $24.93 billion, whereas the market had anticipated earnings per share of $0.94 on a revenue of $25.02 billion. Furthermore, Tesla cautioned about potential disruptions in production and deliveries for the latter half of the year, owing to supply chain challenges and semiconductor shortages.
The stock experienced a resurgence on July 2 and July 3, surging by 7.9% and 6% respectively. This was spurred by the news of Tesla’s inaugural Model Y sales in China and the subsequent approval from the Chinese government to manufacture Model Y vehicles at Tesla’s Shanghai facility. The stock’s zenith was reached on July 3 at $279.82, before moderating to $274.43 by July 7.
In the short term, Tesla appears to be on a downward trajectory. This is evident as the stock is trading beneath its 10-day ($263.64) and 20-day ($266.03) moving averages. The long-term perspective also leans bearish, with the stock positioned below its moving average of $272.66.
A notable pattern emerging since June 14 is the descending triangle, with the stock encountering resistance around the $270 mark. This pattern typically signifies a bearish continuation, hinting at a potential drop below the horizontal support line.
Support for the stock seems to be entrenched around the $250 benchmark, aligning closely with the lower Bollinger band at $249.83. The Bollinger bands, which gauge price volatility relative to a moving average, suggest that breaching the lower band could signal an oversold scenario, potentially leading to a reversal. Conversely, surpassing the upper band might indicate an overbought situation, prompting a pullback.
Since the volume pinnacle on June 23, where it touched 176,584,100 shares, there’s been a noticeable decline. This dwindling volume might indicate waning momentum and interest, especially as the stock navigates the confines of the triangle pattern. A substantial volume surge could be indicative of a breakout or breakdown, setting a new course for the stock.
Currently, Tesla’s stock trajectory appears bearish, underscored by its position relative to its moving averages and the formation of a descending triangle pattern. Key levels to watch include the resistance at $270 and support at $250. A descent below this support could catalyze a further drop, potentially to the $230 region, while an ascent past the resistance might ignite a rally, possibly reaching $280 or beyond. The trading volume in the coming days will be crucial in ascertaining the stock’s future direction.
The current price of Tesla in January 2023 is $215.49.
The projected price movement for Tesla in January 2023 indicates that the price is expected to remain unchanged at $215.49.
The projected price for Tesla in January 2023 being the same as the current price, $215.49, could be due to a variety of factors such as market stability, lack of significant news or events affecting the stock, or balanced supply and demand dynamics. It’s important to consider that stock prices can be influenced by a multitude of factors, and in this scenario, the projection suggests a consistent trend at this point in time.
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