• Tesla (TSLA) stock falls for the third straight session on Thursday.
  • Tesla (TSLA) closes at $1070.34 for a loss of 1.46%.
  • Tesla (TSLA) shares still struggling with the resistance trendline.

Tesla shares struggled on Thursday and are hobbling to the year-end finish line. The shares had caught a recent boost as it appears Elon Musk is done selling the stock but this rally has stalled at a key trendline as shown in our chart below. Momentum is needed and with volumes declining it is hard to charge this one up, for now. 

Tesla (TSLA) stock news

This morning China's market regulators says Tesla is to recall 19,697 Model S vehicles, 35,836 imported Model 3's and 144,208 Chinese-made Model 3 vehicles from China. This is part of a wide-scale recall reported yesterday with the US National Highway Traffic Safety Administration (NHTSA) finding problems with the rearview camera which can be damaged when the trunk is shut. According to Reuters Tesla is to recall a total of 475,000 Model 3 and Model S cars as a result. Reuters reports that the years affected are from 2014 to 2021 and that the recall amount is nearly equivalent to last year's delivery numbers. 

Tesla (TSLA) stock forecast

Thursdays move again failed at the trendline resistance and Tesla retraced back to the $1063 support line. This is the short-term pivot now in our view and is likely to be broken today as the recall story gains more traction, the 9-day moving average $1044 is the next support and once below there it really is plain sailing until $910. The lower end of the trend line is at $843 which fills the gap from October 15 to 18. Markets love to fill gaps.

Pivot moves to $1063 in our view, support at $1044, $1000, $910, $843. Resistance at $1091, $1201 and $1243. 

Tesla chart, daily

 

 

 


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats towards 0.9600 as Russia-linked risk-aversion, hawkish Fedspeak propels DXY

EUR/USD retreats towards 0.9600 as Russia-linked risk-aversion, hawkish Fedspeak propels DXY

EUR/USD fades bounce off the recently flashed 20-year low of 0.9553, around 0.9630 heading into Monday’s European session, as bears keep reins amid a broad risk-off mood. ECB’s Lagarde, Germany IFO numbers eyed for intraday directions.

EUR/USD News

GBP/USD bears flirt with 1.0500 as the slump to record low trigger BOE intervention hopes

GBP/USD bears flirt with 1.0500 as the slump to record low trigger BOE intervention hopes

GBP/USD remains mostly inactive after declining to the all-time low. Doubts over UK’s fiscal stimulus to generate economic benefits, Russia-Ukraine woes led the bears. Hawkish Fedspeak, firmer US data also exerted downside pressure on the cable pair.

GBP/USD News

Gold reverses intraday losses from $1630, US Durable Goods Orders buzz

Gold reverses intraday losses from $1630, US Durable Goods Orders buzz

Gold price has recovered the major portion of losses recorded in the Tokyo session. The precious metal declined sharply to near $1630.00 but recovered firmly and is indicating a formation of buying tail, which indicates a strong resoponsive buying structure.

Gold News

Cardano price could trap impatient investors before triggering an explosive move to $0.505

Cardano price could trap impatient investors before triggering an explosive move to $0.505

Cardano price shows a consolidation below a stable support level and has yet to reveal a directional bias. The ongoing range tightening will likely resolve as the US markets head to a fresh start this week.

Read more

Week Ahead: Euro eyes Italian elections and flash CPI, dollar may take a backseat

Week Ahead: Euro eyes Italian elections and flash CPI, dollar may take a backseat

With the Fed meeting out of the way, a quieter week is on the horizon, barring of course any flare up of tensions between Russia and Ukraine. Either way, the spotlight will probably fall on the euro as far-right parties are expected to gain ground in Italy’s parliamentary election on Sunday.

Read more

Forex MAJORS

Cryptocurrencies

Signatures