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Tesla Inc., Technical Analysis

8/26/2022 11:30 AM

The shares of Tesla Inc., the US electric vehicle maker, continue their global correction, trading at 295.00. Yesterday, a 3:1 split occurred in the securities of the asset, which was approved at the annual meeting on August 4, and the auction is already being held at the new price. According to management, the reduction in the value of shares will make them more accessible to employees and individual investors.

On the daily chart of the asset, before the split, the quotes of the trading instrument were within the global downward channel with dynamic boundaries of 930.00–450.00.

On the four-hour timeframe, it is seen that the price has reached the resistance line at 930.00 (taking into account the split — 300.00), after which a reversal and a new downward wave began to form. This wave's target was 480.00 (considering the split – 160.00).

At the moment, you should not be guided by the readings of technical indicators since they work out the price: the past trend is fully preserved, and all targets and boundaries will decrease by a third.

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