Tesla stock technical analysis-early 2023. A breakout of Tesla to new lows, would bring the price below $100
$TSLA remains strongly bearish in the near term, and despite being oversold, it shows no signs of reaching a bottom.
Based on a combination of daily and weekly cycles as well as DeMark instruments, TSLA still has the potential to weaken to below $100 by the January earnings report before a stabilization and rebound occurs.
A few key takeaways.
– TSLA has lost over 60% in just the last three months after peaking around $313 on 9/20/222. Since mid-September 2022, TSLA has lost nearly 200 points, dropping to its lowest levels since the fall of 2020. Technical structure and momentum remain very negative
– The daily RSI reading is now oversold on the daily charts and is near levels that coincided with the historical bottom on the weekly charts. (February 2016 and May 2019) However, this does not guarantee a meaningful low
– DeMark tools such as TD Sequential and TD Combo- (trend exhaustion indicators) on weekly charts prematurely show the presence of a low and suggest the possibility of another 2-3 weeks of weakness to the low