Will Tesla Regain The 200-Day SMA? A Look At EV-Giant Heading Into The Week
Portfolio Pulse from Melanie Schaffer
Tesla's stock was trading almost 4% higher in the premarket Tuesday following news of a tentative agreement to raise the US debt ceiling for two years. The company is attempting to regain the 200-day simple moving average (SMA) as support but failed on Friday. Tesla is trading in an uptrend within a rising channel pattern.
May 30, 2023 | 1:27 pm
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Tesla's stock rose almost 4% in premarket trading following news of a tentative agreement to raise the US debt ceiling. The company is attempting to regain the 200-day SMA as support but failed on Friday.
The news of the tentative agreement to raise the US debt ceiling for two years has a positive impact on the overall market sentiment, which in turn benefits Tesla's stock. The company's attempt to regain the 200-day SMA as support indicates a potential bullish trend. However, it failed on Friday, suggesting that the stock might consolidate under the 200-day SMA for a short period before making another attempt.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100