{"id":15654,"date":"2021-09-21T07:46:00","date_gmt":"2021-09-21T06:46:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=15654"},"modified":"2021-09-21T18:18:06","modified_gmt":"2021-09-21T17:18:06","slug":"tesla-technical-analysis-buy-the-dip","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/tesla-technical-analysis-buy-the-dip\/","title":{"rendered":"Tesla Technical Analysis – Buy the dip?"},"content":{"rendered":"\t\t
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Tesla<\/a>\u2019s share price suffered heavy losses on the Nasdaq<\/a> on Monday as the world\u2019s largest electric automobile maker got hit with a trifecta of negative fundamental developments.<\/p>

Firstly, nervousness about the Chinese EV rival Li Auto caused a big chain reaction in the electric automobile sector. Li Auto saw its stock tumble after it announced a reduced outlook for the third quarter.<\/p>

Li Auto noted that its guidance now needed to be lightened due to an economic slowdown in China, with the company expecting deliveries of 24,500, a big down revision from 26,000 previously.<\/p>

Secondly, Tesla got the news that the U.S. National Transportation Safety Board would open an investigation into a fatal crash earlier this month involving a Tesla vehicle in Florida that led to the deaths of two people, including the driver and a resident of the home into which the vehicle crashed.<\/p>

Thirdly, the Chinese Evergrande situation cause widespread bearish momentum across stock markets, making it very difficult for Tesla\u2019s price to stage a meaningful recovery with such pessimistic market sentiment.<\/p>

To a lesser degree Tesla also suffered from a massive double-digit price drop in Bitcoin. The top cryptocurrency suffered a price plunge of over $7,000, as traders liquidated some of their crypto holding.<\/p>

Tesla has huge Bitcoin holding, and as such, big price plunges tend to have a negative effect on the electric automobile makers stock price. Furthermore, Tesla has also recently announced that clients can purchase Tesla\u2019s in Bitcoin.<\/p>

For the record, last year Tesla bought massive amount of Bitcoin around the $37,000 level on average, meaning that a current prices, Tesla\u2019s BTC holdings are still in profit.<\/p>

Tesla Short-term Technical Analysis<\/strong><\/p>

According to the four-hour time frame Tesla\u2019s stock price has formed an inverted head and shoulders pattern, with bulls narrowing defending the head of the pattern to stop it being invalidated.<\/p>

A potential push towards the $760.00 area is now required to activate the bullish pattern, with bulls needing to continue to defend the $700.00 support zone to stop a drop towards the $650.00 level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Tesla Medium-term Technical Analysis<\/strong><\/p>

According to the daily time frame Tesla\u2019s stock price is still undergoing a bullish breakout from a large descending triangle pattern. The breakout continues to hold despite the recent loss of upside momentum above the triangle.<\/p>

If the broader stock market recovers again I suspect Tesla will head back towards the $800,00 level. The caveat here is that Tesla\u2019s price is very much dependant on COVID-19, the USA and China, and how investors take the debt ceiling and the Chinese Evergrande situation.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Tesla\u2019s share price suffered heavy losses on the Nasdaq on Monday as the world\u2019s largest electric automobile maker got hit with a trifecta of negative fundamental developments. Firstly, nervousness about the Chinese EV rival Li Auto caused a big chain reaction in the electric automobile sector. Li Auto saw its stock tumble after it announced […]<\/p>\n","protected":false},"author":4,"featured_media":15656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[176,27,61],"yoast_head":"\nTesla Technical Analysis - Buy the dip? - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/tesla-technical-analysis-buy-the-dip\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla Technical Analysis - Buy the dip?\" \/>\n<meta property=\"og:description\" content=\"Tesla\u2019s share price suffered heavy losses on the Nasdaq on Monday as the world\u2019s largest electric automobile maker got hit with a trifecta of negative fundamental developments. 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