{"id":6958,"date":"2021-04-23T07:48:00","date_gmt":"2021-04-23T06:48:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=6958"},"modified":"2021-04-23T19:20:24","modified_gmt":"2021-04-23T18:20:24","slug":"tesla-technical-analysis-fundamental-trouble","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/tesla-technical-analysis-fundamental-trouble\/","title":{"rendered":"Tesla Technical Analysis – Fundamental trouble"},"content":{"rendered":"\t\t
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Tesla<\/a>\u2019s stock price could come under pressure as the near-term fundamentals for Tesla are worsening, due to a highly publicised auto-pilot car crash, and a drop below the $50,000 support level in the price of Bitcoin.<\/p>

The press accounts towards the recent death of two people involved in a Tesla car crash under autopilot has cut short the recent rally above $700.00. Additionally, the capital gains tax news surrounding the Biden administration is also hurting sentiment towards some of the top US stocks right now.<\/p>

Getting back to Bitcoin, the top crypto has been in freefall since the weekend, and has been taking out some key support levels. The BTCUSD pair is currently under $50,000, which could hurt sentiment towards Tesla, as cryptocurrencies and the electric automobile car makers fortunes are now highly linked.<\/p>

Tesla has huge holdings of Bitcoin, and as the top digital assets price drops, so does Tesla\u2019s cash reserves. Tesla were reported to have bought Bitcoin around the $37,000 level earlier this year. Still, the company has substantial profits, however, this could come into question the nearer Bitcoin gets to $40,000.<\/p>

Musk has also allowed Bitcoin holders to buy Tesla. The more that the down trend corrects, and the general public that hold Bitcoin suffers a loss, the less likely they are to buy Tesla, which is a negative for Tesla car sales in the near-term.<\/p>

Furthermore, it should be noted that Bitcoin and Tesla has not had a strong price correlation with Bitcoin this week. Tesla\u2019s share price has been treading water, while Bitcoin has slumped by over $15,000. It will be fascinating to see how Tesla\u2019s share value holds up if the price drop in cryptos continue.<\/p>

On the medium to longer-term horizon, Tesla\u2019s prospects look better. A recovery in the global economy, a rolling out of the Tesla product in new markets, and a move towards green energy in the US all bode well for Tesla\u2019s share price.<\/p>

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

According to the four-hour time frame Tesla\u2019s stock price has staged a breakout from a symmetrical triangle pattern, and had rallied towards the $780.00 resistance level after breaching the triangle pattern.<\/p>

Tesla\u2019s share price is now starting to consolidate around the $700.00 level, as the upside momentum stalls. Bulls have been defending the top of the triangle pattern, around $680.00 level, however, it still remains a close call as to the next major move.<\/p>

Key support is found around the $650.00 and $620.00 level. It seems more likely than now that the March price low will hold during downside attacks.<\/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 has moved back inside a large broadening wedge pattern, if the recovery continues then Tesla\u2019s share price could move towards the $1,000 resistance level over the medium to long-term.<\/p>

Technical analysis also shows that the Parabolic SAR indicator is flashing a buy signal while Tesla trades above the $650.00 level. It should be noted that the Parabolic SAR indicator shows that Tesla\u2019s stock needs to move above the $770.00 level before a weekly buy signal is issued.<\/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 stock price could come under pressure as the near-term fundamentals for Tesla are worsening, due to a highly publicised auto-pilot car crash, and a drop below the $50,000 support level in the price of Bitcoin. The press accounts towards the recent death of two people involved in a Tesla car crash under autopilot has […]<\/p>\n","protected":false},"author":4,"featured_media":6959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[176,61],"yoast_head":"\nTesla Technical Analysis - Fundamental trouble - 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-fundamental-trouble\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla Technical Analysis - Fundamental trouble\" \/>\n<meta property=\"og:description\" content=\"Tesla\u2019s stock price could come under pressure as the near-term fundamentals for Tesla are worsening, due to a highly publicised auto-pilot car crash, and a drop below the $50,000 support level in the price of Bitcoin. 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