Tesla in trouble as inflation propels higher.
“Tesla share price slumped despite positive track, rising inflation to be blamed.”
Equities in the US suffered form losses and Tesla was not spared although the company’s performance thus far is rather positive. Investors were concerned over rising inflation in US that may prompt Federal Reserve to raise interest rates further. This may eventually slowdown consumer spending and at the same time, cast a negative shadow upon Tesla’s future earnings.
Quick recap on TSLA
Bears continues to steer Tesla’s share price as previous recovery remains unfruitful.
TSLA Weekly Technical Analysis
Bears continues build its momentum from the upside, forming an obvious downtrend from weekly perspective.
TSLA Daily Technical Analysis
From daily perspective, we are currently waiting for a confirmatory close which will signify bearish engulfing.
ORDER: SELL STOP
STOP LOSS: 210
Target 1: 190
Target 2: 182
ZFX Analyst’s Comment
Overall, its share price is geared towards the downside as recent price action shows significant bearish pressure from the upside. Any recovery may be temporary as bearish momentum builds up extensively.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!