$TSLA is at a interesting spot. Here’s Scott’s take – December 13, 2022
TSLA SPY
This is Scott with your Chart of the Day. It is Tuesday, December 13, 2022, and I want to look at Tesla ( NASDAQ: TSLA ).
Now, when most of the other leaders like, Apple ( NASDAQ: AAPL ), Google ( NASDAQ: GOOG ), Microsoft ( NASDAQ: MSFT ), Amazon ( NASDAQ: AMZN ), and even Meta ( NASDAQ: META ) are technically green on the day, Tesla ( NASDAQ: TSLA ) closed near the lows and has really not done much, even though the market popped nicely today.
As you can see, the market popped up ( NYSEARCA: SPY ) based on that CPI report that came out. Tesla ( NASDAQ: TSLA ) underperformed. It underperformed yesterday and we got a downside follow-through here today.
So I personally think it has a lot to do with what is going on in China right now. China is slowing down, Tesla ( NASDAQ: TSLA ) is slowing down, and China etcetera. And so maybe that is going to have an impact on their future earnings but that is just surface-level analysis. You can correct me in the comments below if you know something else.
But there is something happening with Tesla ( NASDAQ: TSLA ) here on the chart that I think is potentially interesting for the long term. If I flip to a weekly chart you can see that Tesla ( NASDAQ: TSLA ) is near this blue line here. That is a weekly 200-day or in this case a 200-week simple moving average.
Now, it’s a pretty important level, in fact, Tesla ( NASDAQ: TSLA ) hasn’t been below this blue line since all the way to 2019 when it was split-adjusted around that $16.00 level, again, split-adjusted. After that, it made a huge run, up over 2,000 percent. Now, it has fallen back to this level.
And so I think this is a pretty interesting zone to watch for potential long-term accumulation. Because if you are looking at Tesla ( NASDAQ: TSLA ) for the long-term you don’t want to buy it when it is ripping higher, you want to buy it when it is clearly near a support zone. We don’t know, right here, right now, if this level is going to hold.
This is still just red on the week, but I want to watch to see how the stock reacts around this 160.00, 150.00 zone. And see if it can build a base of support, a base of accumulation. Now, we don’t have that right here right now, but it is something that I definitely think you should pay attention to if we start to see some stability over the next couple of weeks leading into 2023.
And so this is more of a long-term idea to watch Tesla ( NASDAQ: TSLA ) around this level. But I think it is pretty important because it hasn’t been down, touching this blue line in a few years.
Free Chart