TSLA ends the day on a bearish note closing near the low of the day

Tesla, Inc. (TSLA) Technical Analysis Report for May 17, 2018

Highlights

TSLA closes below its opening price unable to hold early session gains
TSLA ends the day on a bearish note closing near the low of the day
TSLA runs into sellers again around 289.19
TSLA stuck within tight trading range
TSLA closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment:
50% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

TSLA finished Thursday at 284.54 losing $1.94 (-0.68%). Trading $3.29 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for TSLA

Volatility

Thursday's trading range was $5.22 (1.83%), that's far below last trading month's daily average range of $9.32. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 280.50 and 289.19 which it has been in now for the last three days.

Price Action

After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 282.51. After having been unable to move above 288.81 in the prior session, Tesla ran into sellers again around the same price level today, failing to move higher than 289.19.

Trend

Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could speed up should prices move below the nearby swing low at 280.50 where further sell stops might get triggered. As prices are trading close to May's low at 275.23, downside momentum could accelerate should TSLA mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Tesla, Inc.

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TSLA closes within previous day's range

Sep 24, 2018
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