Technical analysis of Tesla 1D chart (21Aug22) - has Tesla peaked for now?

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Technical Analysis of Tesla Stock

Note that I recommend a fundamental analysis of any company before we consider using the technicals to guide our entries.  While I am bullish about Tesla's fundamentals, here is my outlook for the coming days.

Summary of Tesla as of 21 Aug 2022

From the info, we can establish the following:
  • Tesla looks to be ranging around $900 region in the last few days.
  • Tesla is away from the 52-week low of 620.57 & high of 1243.49.
  • The average trading volume of Tesla was 30.03M

1D Chart of Tesla as of 21Aug22

From the above setup, here are my observations:
  • Stochastic has started a downtrend
  • MACD's downtrend was confirmed by the crossover after Friday (19Aug22).  
  • The volume of Tesla for the last week starting from Monday (15 Aug 22) was 29.79M, 29.38M, 22.92M, 15.83M & 20.42M.  The trading volume of each day was under the average of 30.03M.  This reveals the loss of "strength/momentum of the trend".
  • My 3 EMA lines are starting to merge - a sign of trend change (but yet to).  
  • MA50 is showing bullish and MA200 is showing bearish. 
  • Based on the charts, more downside is expected.  As per mentioned, it is not about Tesla's fundamentals or its excellent production ramp up, it is just the macro forces weighing in on the market.  
Technical Analysis by investing dot com as of 21 Aug 2022

From the technical analysis above, here are the observations based on 1D:
  • Moving Average - still, a buy (7) as compared to (5) showing a sell
  • Technical Indicators - still, a buy (4) as compared to (3) recommending a sell.
  • From the above, there is a ceiling of around 911.

Conclusion
After I compile the various technical findings, I lean towards a more "bearish" outlook for Tesla in the coming week, especially when S&P500 (1D chart) looked to have peaked and should see a reversal soon.  As always, let us do our respective due diligence before we invest.

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