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Asset Watch
Tuesday, February 21, 2023
More importantly, Tesla’s 50-week moving average stands at $238.68, and the key level has acted as long-term support and resistance since late 2019. Tesla rallied above its 50-week MA eight times from July through September 2022. However, sellers emerged each time, and a significant downtrend followed. Likewise, Tesla’s weekly RSI peaked near 55 during that stretch, and the EV automaker ended last week with an RSI near 53.
As it stands, Tesla is roughly 15% away from its 50-week MA. So, although more upside may materialise in the days ahead, the easy gains have likely already occurred.
Should you ride the hot hand or park your money elsewhere?
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