Tesla (TSLA) technical analysis, 24 July 2024 – what is expected from the stock after last night’s earnings and into the next several weeks/months
Tesla’s recent earnings report has had a notable impact on its stock price. Here is an in-depth technical analysis and price forecast for TSLA post-earnings, incorporating key technical levels to help investors and traders understand potential future movements.
Earnings announcement highlights as shown in the above TSLA stock technical analysis video
- Earnings report date: Last night, 23 July, 2024, after maket close
- Key figures:
- Revenue: $25.5 billion (versus the $24.54 billion analysts expected)
- Adjusted earnings: 52 cents per share (analysts had forecast 61 cents per share)
Technical analysis overview
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Confirmed yellow channel:
- Top touchpoint: $246.50
- Bottom touchpoint: $225.01
- This confirmed channel indicates that Tesla’s stock has been trading within a specific range in the past.
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Unconfirmed blue channel:
- Current price: $227.27
- The price is currently within an unconfirmed downtrend channel, suggesting recent price movement might be following a new, yet-to-be-confirmed price range.
Key technical levels to watch
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Support levels:
- $213.23: Critical support within the unconfirmed blue channel.
- $200.99 – $202: Psychological and historical support zone, critical if $213.23 breaks.
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Resistance levels:
- $250.00: Immediate resistance level. A break above this could indicate a potential reversal.
- $271.00: Upper boundary of the previous trading range, significant for confirming a bullish reversal.
Technical indicators
- VWAP anchored from last earnings:
- Indicates a key support level that Tesla’s stock is currently testing.
- Volume analysis:
- Increased trading volume post-earnings suggests heightened investor activity and potential volatility.
Analysis and predictions
- Near-term bearish sentiment:
- Tesla’s stock dropped by -7.8% post-earnings, indicating bearish momentum. 📉
- The unconfirmed blue downtrend channel suggests potential further declines if support levels are breached.
- Potential price movements:
- Downside: If Tesla continues to trade within the blue channel, we might see it oscillate downwards towards $213.23, and if broken, potentially to $200.99 – $202.
- Upside: A break above the $250.00 resistance level could signal a reversal, moving towards $271.00.
Summary
- Bearish bias: The significant post-earnings drop and the presence of an unconfirmed downtrend channel suggest a bearish outlook in the near term. 😟
- Key levels to monitor: Investors should keep an eye on the $213.23 support and $250.00 resistance for indications of future price direction.
- Not financial advice: This technical analysis should not be taken as financial advice. Always consider other factors such as the company’s fundamentals and overall market conditions before making any investment decisions. 📊
Investors and traders should remain cautious and consider adjusting their strategies based on these technical insights and the overall market sentiment. Invest and trade TSLA stock at your own risk and visit ForexLive.com for additonal views.
This article was written by Itai Levitan at www.forexlive.com.
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