Is This Tesla’s Turning Point?

Is This Tesla’s Turning Point?
Tesla stock has recently found decent support around the 220 and 230 region. This is in line with the 100 and 200 exponential moving average on the daily chart. However, there is a week seasonal period ahead for Tesla that could potentially limit further gains. The most significant area on the chart is the overhead resistance in the 270 to 80 region. Should price continue to move higher will sellers step in?
Tesla’s seasonals are certainly worth looking out over the last 13 years between the 1st of September and the 21st of October. Tesla shares have fallen nearly 70% of the time. The average drop has been around 3% and the largest fall was over 22% last year. So, will we see further falls from Tesla this year? Is the 270 to 280 region an area with sellers may step in?
Major Trade Risks: The major trade risks here are that seasonal patterns do not necessarily repeat themselves each year and Tesla’s share price may keep gaining on a stronger-than-expected US economy and/or a recovery from China.
HYCM clients can access the Seasonax product in order to analyse over 25,000 currency pairs, indices, commodities, as well as individual stocks. Please contact your account manager for a free trial. Certain products & services mentioned herein may or may not be available to all clients depending on which HYCM Capital Markets Group entity their trading account(s) adheres to.
About: HYCM is the global brand name of HYCM Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Capital Markets (DIFC) Ltd and HYCM Limited, all individual entities under HYCM Capital Markets Group, a global corporation operating in Asia, Europe, and the Middle East.
High-Risk Investment Warning: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high degree of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent expert advice if necessary and speculate only with funds that you can afford to lose. Please think carefully whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. We do not recommend clients posting their entire account balance to meet margin requirements. Clients can minimise their level of exposure by requesting a change in leverage limit. For more information please refer to HYCM’s Risk Disclosure.
20230908
