Tesla gives in to negative pressures - Analysis - 17-06-2022

Tesla's stock (TSLA) returned lower after the company hiked prices in the US to combat rising aluminum and other supplies cost, and the company also hiked Model y prices in China, with Jefferies analysts cutting down sales forecasts for this year and next year. 

The company marked a loss of 8.54%, or 59.70 points, settling at 639.30, with trading volumes surpassing 35.7 million shares, above 10-day averages of 32.2 million shares. 

The downward correctional trend in the short term, with negative signals from the RSI, after reaching overbought levels, while suffering pressure from the 50-day SMA. 

Therefore we expect more losses for the stock, targeting the pivotal support of 547.00, provided the resistance of 780.80 holds on.

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Expected trend for today: Bearish