Market Analysis: TSLA Stock Price Breaks 2023 Trend


According to the earnings report published yesterday:
→ Tesla's revenue for the 3rd quarter amounted to USD 23.35 billion, expected USD 24.18 billion;
→ earnings per share amounted to USD 0.66, expected USD 0.73.

That is, the actual numbers turned out to be worse than forecasts. But the main negative can be considered the statements of Elon Musk, according to which:
→ investors' expectations from Cybertruck should be moderated; it may take from a year to 18 months for a positive effect from this product. Although the company already has about 1 million applications, the company will be able to start producing about a quarter of a million cars per year approximately in 2025;
→ the company is currently pausing the construction of a plant in Mexico;
→ the policy of high interest rates has a great impact on the activities of both the company and the global economy.

In response to the report, TSLA's share price declined. In the premarket on the morning of October 19, the share price is slightly above USD 231, although at the beginning of the week trading was above USD 255, and yesterday the closing price was above USD 242.

At the same time, it can be observed that the breakdown of the lower boundary of the ascending channel is becoming more and more obvious. The bullish trend (shown in blue) for 2023 did not hold. There were two bounce attempts (shown by arrows), but the second one demonstrated worse dynamics (the dead cat bounce pattern).

Now the downward channel, the contours of which are indicated in red, becomes relevant. Wherein:
→ the opening price today can be fixed near its median line;
→ if the dynamics continue to be bearish, then the price of TSLA may reach important support at USD 215 this year.

Buy or sell shares with CFDs in some of the world's biggest publicly listed companies on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

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.

Latest from Shares

5 Stocks To Consider in December 2023 Your Gateway to the Chinese Market: A Look at 10 Newly Added ETF CFDs A look at FXOpen’s new ETF CFDs: American, Chinese and Indian markets at your fingertips MSFT Analysis: New All-time High NVDA Analysis: Share Price Reaches 2-month High on News of New Chips

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: AUD/JPY, RATE HIKES, S&P 500, WTI Oil

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. AUD/JPY: Rate Falls

Trader’s Tools

Fixed Exchange Rates: Benefits and Limitations

Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.

Trader’s Tools

Alternative Investment Options

Traders and investors are increasingly turning to alternative investment options to diversify their portfolios and seek new avenues for potential returns. In this FXOpen article, we discuss alternative investments, examining the types and explaining the reasons why they are gaining

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.