If you haven`t bought the dip on TSLA: nor sold the regional top:
Then it's worth noting that it seems to be entering a downtrend due to intense competition from Chinese EV rivals like Li Auto, Nio, XPeng, and notably, BYD.
Trade closed: target reached
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TSLA hit its initial support level following reports from Reuters stating that Tesla won't be producing its entry-level car. Instead, the company plans to prioritize self-driving taxis, as revealed by sources. This shift in strategy coincides with Tesla's competition from Chinese EV manufacturers, such as BYD.