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The electric vehicle behemoth, Tesla Inc (NASDAQ: TSLA), is currently navigating a particularly volatile phase, with its share price experiencing a precipitous drop below the pivotal $200 threshold to a concerning $197.35.  This notable decline, eroding nearly one-fifth of the company’s market valuation in a matter of weeks, reflects burgeoning investor anxiety over the sustainability of EV demand—a cornerstone of Tesla’s unprecedented growth narrative.  The immediate imperative, as delineated by prominent macroeconomist Jesse on X, is for Tesla’s stock to re-establish its position above the $200 mark to avert the risk of a further descent towards a less fortified $150 support level, where a confluence of factors including a daily gap and peak volumes await to test the stock’s resilience. If we’re going to see more bullish upside, Tesla $TSLA has to get back above $200 (1) soon. Otherwise, there’s not a lot under us acting as support, till the $150 range. There we have the daily gap (2) that wants to fill, as well as peak volumes (3). That should act as strong… https://t.co/pR8aZcDEN8 pic.twitter.com/NAIMbZeEgF — Jesse (@Micro2Macr0) October 31, 2023 With the market sentiment teetering on the edge of bearishness, investors are grappling with the question: What lies ahead for Tesla’s stock in the future? Short-term headwinds and technical analysis The bearish sentiment is further substantiated by the technical analysis (TA), with Tesla displaying only 11 green days out of the last 30 and trading near the lower end of its recent price range.  The Fear & Greed Index signals ‘Fear,’ reflecting investor apprehension. Technical indicators suggest caution, advising against the initiation of new long positions at this juncture. There’s a narrow support zone at the current trading level, but with no significant support underneath until significantly lower levels. Machine learning predictions Adding to the complexity of the situation…

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Filed under: News - @ October 31, 2023 8:24 pm