Tesla stock just flashed a sell signal, indicating a decline amid more vehicle price cuts
maker has seen a rapid rise in 2023, soaring as much as 77% in the first few weeks of the year, but now it's giving back some of those gains.
According to Stockton, the decline could continue to $160 per share, representing potential downside of 14% from current levels of $185. "Tesla is the first of the megacaps to challenge support, with a pending breakdown below its 50-day moving average. This is a bearish short-term development, noting the daily MACD is pinched likely to flash a 'sell' signal today, and with next support near $160," Stockton said in a Thursday note.
The moving-average-convergence-divergence indicator, or MACD, is a trend-following momentum indicator that technical analysts use to show the relationship between two moving averages of a security's price. A signal line is plotted, which can function as a buy and sell signal. Stockton uses MACD to capture momentum and trend across multiple timeframes. The The potential decline in Tesla stock comes amid more price cuts from the company, which"Incremental price cuts likely needed amid inventory build, especially as production at Austin and Berlin ramps [higher],"
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