Investors drive Tesla lower after mixed Q3 earnings report
Tesla shares were lower after their mixed earnings report, which is likely a combination of traders booking profits from the small pre-earnings bounce in a classic case of ‘buy the rumour sell the fact’. But who knows, perhaps investors are tiring of Elon Musk’s showmanship remarks, which today included expectations of a “record breaking Q4” and the potential for “Tesla to be worth mor than Apple and Apple and Saudi Aramco combined”. And it is hard not to be suspicious of the timing of such remarks looking at their YTD performance of -37% and him conceding that he’s overpaid for Twitter (but still “very excited”).
We outlined a multi-month bearish reversal pattern on the monthly chart in our previous article, and for now we'll focus on its potential to break lower over the coming day/s.
A triple top formed around $315, and Tesla has trended lower on the daily chart since. We saw an initial false break of the neckline last week with a bearish engulfing candle on high volume. But notice how volumes have again diminished over the past three days whilst prices bounced higher, which suggests it is a retracement.
Tesla has fallen to 210.35 during post-market trade, which is just above the bearish engulfing low. We are therefore simply looking for a break below $204 (or $200 for a more conservative approach) to assume a bearish breakout, with $180 making a logical target for bears as it is near the March 2021 low.
Given the significance of the March 2021 low then there is a strong possibility it will initially act as support. But keeping the monthly chart and reversal pattern in mind, the bias is for an eventual break below $179.83.
We outlined a multi-month bearish reversal pattern on the monthly chart in our previous article, and for now we'll focus on its potential to break lower over the coming day/s.
A triple top formed around $315, and Tesla has trended lower on the daily chart since. We saw an initial false break of the neckline last week with a bearish engulfing candle on high volume. But notice how volumes have again diminished over the past three days whilst prices bounced higher, which suggests it is a retracement.
Tesla has fallen to 210.35 during post-market trade, which is just above the bearish engulfing low. We are therefore simply looking for a break below $204 (or $200 for a more conservative approach) to assume a bearish breakout, with $180 making a logical target for bears as it is near the March 2021 low.
Given the significance of the March 2021 low then there is a strong possibility it will initially act as support. But keeping the monthly chart and reversal pattern in mind, the bias is for an eventual break below $179.83.
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