Quarterly Outlook
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Technical Update - Rebounds in Tesla and Apple set to continue - but how far?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: After positing 52 week new lows on one of the first trading days of the new year, Tesla and Apple have rebounded strongly.
Tesla earnings lifted the share price higher reversing the bearish sentiment short term
Apple broke falling trend line now facing key resistance
Today's Saxo Market Call podcast.
Today's Market Quick Take from the Saxo Strategy Team
The RSI closed above 60 threshold meaning it is now in positive sentiment indicating higher levels are likely. The very short-term trend uptrend is confirmed.
Today's Market Quick Take from the Saxo Strategy Team
Tesla has had a great run in the new year after the share price started the new year by dipping below strong support at around 110 almost touching the 0.786 Fibonacci retracement (just short with a couple of dollars) – see weekly chart. Since then Tesla has bounced strongly and the bounce seems to continue.
The RSI closed above 60 threshold meaning it is now in positive sentiment indicating higher levels are likely. The very short-term trend uptrend is confirmed.
Tesla is closing in on the 200 weekly SMA. If closing above there could be more upside for Tesla with no strong resistance until around 182.50. That level is also the 0.382 retracement of the Q4 2022 downtrend.
The medium-term trend is still down however, and Tesla needs to close above 198.92 to reverse that.
If Tesla closes the gap created with yesterday’s jump i.e., closing below 144.43 sellers are likely to regain control and push Tesla share price towards 100 again.
Apple trading in a narrow rising channel has broken above its medium-term falling trendline. RSI is above 60 showing positive sentiment but traded volume has been declining during bounce here in January. That is a bit of a worry for further upside potential.
Key resistance is at around 150. Daily 200 SMA coming down just below that level will add to the resistance. If closing above 150 a move to 157.50 – 164.25 could be seen.
If Apple breaks bearish out of the channel and closes below 133.77 the medium-term downtrend is likely to resume with new lows in Apple as a result. Possibly down to strong support at around 118.37
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