Tesla lifted as Fed saddens the market.
“Less hawkish Fed spooked out market participants, policy tightening may end sooner than later.”
Tesla share price rebounds from low level as market participants were disappointed by latest signal delivered by Federal Reserve. Last night, Fed Chair Jerome Powell commented that “another unusually large” rate hike may be appropriate. Nonetheless, he emphasized that such measure will be “data dependent” and the central bank will not provide any forward guidance upon it. His latest signal suggests that US interest rate is inching towards the neutral level, which may potentially minimize negative impact from recent policy tightening upon the economy.
Quick recap on TSLA
In a bigger perspective, Tesla share price is subjected to bearish descending wedge.
TSLA Weekly Technical Analysis
Tesla breaks free from previous minor sideways trend, indicating possible bullish swing in the near-term.
TSLA Daily Technical Analysis
Its share price has recently rebounded from 770.30, prepping TSLA for a possible bullish extension.
ORDER: BUY STOP
Target 1: 930
Target 2: 970
ZFX Analyst’s Comment
Tesla share price has recently rebounded from low level, with slight pickup in bullish momentum expected. In the near-term, we expect its price to extend bullishness after closing above the threshold of 863.25.
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