Tesla Inc TSLA was trading flat on Friday as the EV-giant heads into its AI Day 2022, scheduled to kick off today (Sept. 30) at 8 p.m. ET in Palo Alto, California.
Tesla is expected to share its latest developments in artificial intelligence, including full self-driving for its vehicles, the Tesla bot and Dojo, a supercomputer. Last year at Tesla’s first ever AI event, the company unveiled its bot named Optimus and this year a humanoid robot prototype is expected to be revealed.
Tesla has been affected by the bear cycle of the general market for much of this year, although Tesla has shown relative strength in comparison.
Since the end of July, Tesla has been trading within about 10% of the 200-day simple moving average (SMA), while the S&P 500 has been in a sharp decline since Aug. 16, now trading down 16% from the 200-day SMA.
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The Tesla Chart: Tesla has been trading in a downtrend since Sept. 21, with the most recent lower high formed on Wednesday at $289 and the most recent confirmed lower low printed at the $270.31 mark on Sept. 26. On Friday, Tesla opened lower and fell to the $262.47 mark before bouncing up, which may become the next lower low within the pattern.
- Tesla is also trading within a triangle pattern, which the stock developed into on Nov. 5, 2021. The pattern is considered to be neutral and the stock could continue to trade up and down within the pattern for a much longer period of time.
- Bearish traders may choose to enter a short position when Tesla rejects from the top descending trendline of the triangle. Bullish traders may choose to enter a long position when Tesla bounces up from the lower ascending trendline of the pattern.
- Tesla has resistance above at $285.83 and $300.90 and support below at $271.71 and $254.98.
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Photo: Courtesy Tesla
Image and article originally from www.benzinga.com. Read the original article here.