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Asset Watch
Tuesday, January 23, 2024
The stock is near the low end of its recent range, and key support levels have hit or are near. Tesla ended the Jan. 19 session in its February and March 2023 highs and its August and November 2023 lows. Price support has also collided with Tesla’s rising support line drawn from the April 2023 lows, and the latter could act as another foundation for a reversal.
Additionally, Tesla’s daily RSI (the blue line at the bottom) has sunk below 30, which is near the 2023 lows. As a result, the conditions are present for an oversold bounce, and if Tesla can gain some narrative momentum (like a solid earnings print on Jan. 24), it could shift control back in the bulls’ favour.
So, is there enough technical fuel to drive Tesla higher, or does the stock need roadside assistance?
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