Chart #1 : Price Target $154
Tesla has been trailing this downtrend line (aqua) and its 50 day moving average (blue) falling 36%, underperforming both major indexes SPY & QQQ up 25% and 27% over the same timeframe.
Tuesday 2 April 2024 Tesla reported vehicle deliveries of 386,810 and production of 433,371 potentially signaling a current demand problem. This report was below even the weakest forecast. While it is more than likely a near term problem, it still needs to be factored into the valuation.
Therefore follow the trend line and look out below.
Chart #2: Price Target: $126
Final Thoughts:
$154 looks certain, $126 is dependent on what news surrounds Tesla in the coming weeks, months. If a compact car is announced, disregard target 2.
Tesla has been trailing this downtrend line (aqua) and its 50 day moving average (blue) falling 36%, underperforming both major indexes SPY & QQQ up 25% and 27% over the same timeframe.
Tuesday 2 April 2024 Tesla reported vehicle deliveries of 386,810 and production of 433,371 potentially signaling a current demand problem. This report was below even the weakest forecast. While it is more than likely a near term problem, it still needs to be factored into the valuation.
Therefore follow the trend line and look out below.
Chart #2: Price Target: $126
Final Thoughts:
$154 looks certain, $126 is dependent on what news surrounds Tesla in the coming weeks, months. If a compact car is announced, disregard target 2.
Trade active
Take majority of profits here. Let remaining ride.Note
Implement SL of daily close $175Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.