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TSLA Stock: Price Chart Analysis



According to Bloomberg, the world's richest people got even richer in the first half of 2023. Musk tops the list with +USD 96.6 billion, followed by Zuckerberg with +USD 58.9 billion. The staggering growth in personal wealth is driven by the bullish stock market of META (up more than +140% since the beginning of the year) and TSLA (up more than +150% since the beginning of the year).

Perhaps to catch up with Musk, Zuckerberg gave the green light to the launch (scheduled for July 6) of Twitter's competitor, the Threads social network. Recall that Musk does not like this so much that he challenged Zuckerberg to a fight, and Zuckerberg agreed. Negotiations are underway with UFC managers about holding a billionaire fight.

Meanwhile, the bull market continues, with TSLA's share price hitting a new high for the year after reporting record EV shipments in Q2. At the same time, the TSLA stock chart shows that:

-> the price of TSLA breaks through the descending channel with a gap (shown in red) and fixes above it within the ascending channel (shown in blue);
-> TSLA price is near the upper border of the rising channel, which is resisting;
-> TSLA price is approaching psychological resistance at USD 300 per share — last year it proved to be a test for bulls, showing their failure.

According to analysts published by CNNMoney, the average target price for TSLA shares is around USD 220.



Given the above, we can assume that the TSLA stock market is vulnerable to a pullback within the blue channel. But that's probably less likely to upset Musk more than his loss in a possible fight against Zuckerberg.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Market Analysis: EUR/USD Drops Again While USD/CHF Gains Strength


EUR/USD started a fresh decline from the 1.0930 resistance. USD/CHF is rising and might aim a move toward the 0.9015 resistance.


Important Takeaways for EUR/USD and USD/CHF Analysis Today

• The Euro struggled to clear the 1.0930 resistance against the US Dollar.
  
• There is a major bearish trend line forming with resistance near 1.0890 on the hourly chart of EUR/USD at FXOpen.
  
• USD/CHF is gaining pace above the 0.8965 resistance zone.
  
• There is a key bearish trend line forming with resistance near 0.8980 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair struggled many times near the 1.0930 resistance. The Euro started a fresh decline from the 1.0931 swing high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.0890. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.



It seems like the pair might continue to move down considering the RSI is below 35. On the downside, immediate support on the EUR/USD chartis seen near 1.0845. It is close to the 76.4% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.

The next major support is near the 1.0835 level. A downside break below the 1.0835 support could send the pair toward the 1.0780 level.

Immediate resistance on the upside is near the 50-hour simple moving average at 1.0890. It is close to a major bearish trend line. The first major resistance is near 1.0920. The next key resistance is near the 1.0930 level.

An upside break above the 1.0930 level might send the pair toward the 1.0970 resistance. Any more gains might open the doors for a move toward the 1.1010 level.


Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Market Analysis: FTSE 100 Drops Below June Low


Earlier we wrote about the reasons for the weak behavior of the UK stock market.

Firstly, it is the highest inflation among the G7 countries.

Yesterday JP Morgan analysts suggested that the base rate in the UK could be raised to 7% under certain scenarios. And the likelihood of a hard landing for the British economy next year is rising due to the impact of rising borrowing costs on business confidence and rising unemployment.

Secondly, this is a decline in commodity prices, which is important for the FTSE 100 index, where the share of oil and mining companies is relatively large. Commodity prices reflect expectations of a global economic growth outlook that has been overshadowed by news from China. There, according to the latest data, activity in the services sector in June grew at the slowest pace in 5 months.



At the same time, the FTSE 100 chart gives hope to the bulls, as the price of the index is at the level of the lower line of the descending channel (shown in red), which, it is possible, will show support properties for the FTSE 100, which may lead to a slowdown in the fall or even a short-term rebound.


Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Market Analysis: Gold Price Struggles While Crude Oil Price Aims Higher


Gold price is moving lower below the $1,918 support. Crude oil price is rising as the bulls aim for a move above the $72.20 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price failed to clear the $1,930 resistance and start a fresh decline against the US Dollar.
  
• A major bearish trend line is forming with resistance near $1,925 on the hourly chart of gold at FXOpen.
  
• Crude oil prices are also moving higher above the $71.50 resistance zone.
  
• There is a key bullish trend line forming with support near $70.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,930 resistance. The price started a fresh decline below the $1,918 support.

There was a close below the 50-hour simple moving average and $1,912. It tested the $1,910 support zone. A low is formed at $1,902.60 and the price is now consolidating losses above the 23.6% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.



The price is now facing resistance near the $1,912 level. The next major resistance is near the 50-hour simple moving average at $1,918. It is close to the 61.8% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.

The main resistance is near a bearish trend line at $1,925 and then $1,930. An upside break above the $1,930 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,950 level.

Initial support on the downside is near the $1,902 level. The first major support is near the $1,892 level. If there is a downside break below the $1,892 support, the price might decline further. In the stated case, the price might drop toward the $1,880 support.

Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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S&P 500 Analysis: Index Goes on a Sudden Up-and-Down Journey: Where Is Next?


North America’s corporate giants have for a very long time been regarded as traditional, long-term investment prospects. A look at the top 500 companies in the United States in the pre-digital age would have demonstrated long periods of very little movement whatsoever.

However, gone are the days in which the upper echelons of New York’s stock exchange are represented by traditional industrial giants in the construction, commercial real estate and manufacturing sectors, with many top firms now at the forefront of science and technology.

The big movers today are often developers of pharmaceutical products and highly capitalised technology firms in Silicon Valley.

Whilst the shorter development times, quick journeys from startup to multi-billion dollar unicorn are more common than ever these days, and unlike the legacy businesses which now languish behind the tech giants, they are susceptible to greater levels of volatility.

A major construction company which just completed the building of a vast business park which will stand for over 100 years is going to be less volatile than a 10-year-old high-tech firm with a SPAC listing on NASDAQ, for example. Thus, the traditional stalwarts are still there, but the added volatility has come from the top-level tech and science firms.

The S&P 500 has been displaying such volatility recently.

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Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Market Analysis: Weak Dollar’s Position


Bloomberg writes that the big hedge funds have flipped and are now taking a short position on the dollar in the expectation that the Fed is nearing the end of its cycle of raising interest rates.

It is possible that the weakness of the USD against a basket of other currencies is influenced by the announced intentions of the BRICS countries to issue a currency backed by gold.



Be that as it may, however, the EUR/USD rate has risen by an impressive 1.5% since the low of July 6, reaching a maximum since May 8. At the same time, the EUR/USD chart shows that:

-> the price has broken the downward channel upwards (shown in red);

-> the bulls are so bold that they are trying to break the double SHS pattern formation.

On the morning of July 11, a long upper shadow on the candle indicates the possibility of a false breakout of the top of June. However, markets are waiting for news about US inflation (Consumer Price Index data will be released tomorrow at 15:30 GMT+3). It is possible that they may further weaken the dollar, sending the euro even closer to the highs of the year.

Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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EUR/USD Smashes Resistance While USD/JPY Nosedives


EUR/USD started a fresh increase above the 1.0975 resistance. USD/JPY is declining and showing bearish signs below the 141.20 level.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

• The Euro is rising and trading well above the 1.1020 resistance zone.
  
• There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen.
  
• USD/JPY is trading in a bearish zone below the 141.20 and 140.20 levels.
  
• There is a major bearish trend line forming with resistance near 140.20 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0835 zone. The Euro climbed above the 1.0900 resistance zone against the US Dollar.

The pair even settled above the 1.0975 resistance and the 50-hour simple moving average. There was an upside break above the 76.4% Fib retracement level of the downside correction from the 1.1026 swing high to the 1.0977 low.



The pair is now consolidating gains below the 1.1040 resistance. The first major support is near a key bullish trend line at 1.1020.

The next key support is near the 50-hour simple moving average at 1.0995. If there is a downside break below 1.0995, the pair could drop toward the 1.0975 support. The main support on the EUR/USD chart is near 1.0900, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near the 1.236 Fib extension level of the downside correction from the 1.1026 swing high to the 1.0977 low at 1.1040.

The next major resistance is near the 1.1065 level. An upside break above 1.1065 could set the pace for another increase. In the stated case, the pair might rise toward 1.1120.

Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Market Analysis: Swiss Franc Strengthens to 2020 Pandemic Levels


The USD/CHF rate fell below 0.87 for the first time since the spring of 2020, when financial market participants saw the Swiss franc as a “safe haven” amid panic associated with the spread of the coronavirus pandemic. Perhaps the demand for the Swiss franc in 2023 is facilitated by geopolitical factors: ongoing hostilities in Ukraine, tensions between the US and China.

The immediate hope for the bulls in the USD/CHF market may be presented by:

=> the lower line of the long-term channel (shown in red), which, from the point of view of technical analysis, can become a support for a rebound;

=> new statistics (once again, will be published today at 15:30 GMT);

=> official statements of influential people. For example, FOMC member Christopher J. Waller is scheduled to speak late Thursday evening, his words about new Fed rate hikes will help strengthen the dollar.



Disclaimer: This publication represents the News of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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XAGUSD Analysis: Silver Price Up Over 7% in 2 Days


On Friday morning the price of silver was USD 24.8. The sharp rise was triggered by the weakening of the dollar on Wednesday, which was influenced by inflation data in the US.

When looking for reasons why silver is stronger than other commodity markets (for example, gold has risen in price by no more than 1.5% over the same period), you may not find satisfying explanations, but pay attention to information on twitter by Robert Kiyosaki (author of the books in the Rich Dad series). In his opinion, on August 22 in South Africa, at the BRICS forum, the creation of a currency backed by gold will be announced. Therefore, Robert predicts problems for the US dollar and suggests considering buying gold, silver, and bitcoin.



In the meantime, the XAG/USD chart shows that the price of silver has approached the upper boundary of the long-term descending channel (shown in red). If the bulls try to reach the upper border of the channel, then perhaps before that we will see a test of the level of 24.5, which previously served as both support and resistance.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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GBP/USD Corrects Lower While EUR/GBP Aims Higher


GBP/USD started a downside correction from the 1.3145 zone. EUR/GBP is eyeing more gains above the 0.8575 resistance zone.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

• The British Pound is trading in a bullish zone above 1.3080 against the US Dollar.
• There was a break below a key bullish trend line with support near 1.3085 on the hourly chart of GBP/USD at FXOpen.
• EUR/GBP started a fresh increase from the 0.8500 zone.
• There is a major bullish trend line forming with support near 0.8565 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a fresh increase from the 1.2750 support zone. The British Pound climbed above the 1.3020 resistance zone against the US Dollar.

The bulls were able to pump the pair above 1.3080 and the 50-hour simple moving average. It tested the 1.3145 zone before it started a downside correction. There was a move below the 1.3100 level. Besides, there was a break below a key bullish trend line with support near 1.3085.

The pair is consolidating near the 23.6% Fib retracement level of the upward move from the 1.2910 swing low to the 1.3142 high.

On the downside, there is a major support forming near 1.3080. If there is a downside break below the 1.3080 support, the pair could accelerate lower. The next major support is near the 1.3020 zone. It is close to the 50% Fib retracement level of the upward move from the 1.2910 swing low to the 1.3142 high, below which the pair could test 1.2905.

Any more losses could lead the pair toward the 1.2750 support. On the upside, the GBP/USD chart indicates that the pair is facing resistance near the 50-hour simple moving average.

The next major resistance is near the 1.3145 level. If the RSI moves above 50 and the pair climbs above 1.3145, there could be another rally. In the stated case, the pair could rise toward the 1.3200 level or even 1.3240.



This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.