Tesla (TSLA) will publish its Q4 2021 financial report on Wednesday with forecasted Earnings per share (EPS) at $2.21 and revenue at $16.79 billion. The revenue for Q3 2021 was at $13.8 billion.
Tesla stocks fell to $851.47 per share on January 24 and are now traded around the long-term support line of the trend that started in March 2020. Since prices are above the $837-838 area, we may suggest the upward trend for Tesla stocks is intact. Moreover, the price dipped below the level twice and therefore investors swooped in to buy, bringing the price back up and leading it above the $880-900 area per share. However, for a complete recovery of Tesla stocks may need to dive further towards the downside.
The overall decline that started from $1243 is within the five-wave structure and may be considered as wave A. The fifth wave, which started at $1207.81, is currently being drawn. But to complete the whole picture we need another low at $800-830. Ideally, prices should rebound from $837-838. But if the downside spike is short and quickly bought out, the two-year trend will also be sustained.
I recommend monitoring the $800-830 zone in order to open buy trades, considering a rebound of 38.2% or 50% to wave A (a 38.2% or 50% upside to the low within $800-830 zone) is met. According to the Refinitiv poll 19 analysts issued a “Buy” recommendation for Tesla stocks, 12 recommended to “Hold” and 10 recommended to “Sell”. The consensus target price is at $946.92 that is only 3% above current price levels.
Tesla stocks fell to $851.47 per share on January 24 and are now traded around the long-term support line of the trend that started in March 2020. Since prices are above the $837-838 area, we may suggest the upward trend for Tesla stocks is intact. Moreover, the price dipped below the level twice and therefore investors swooped in to buy, bringing the price back up and leading it above the $880-900 area per share. However, for a complete recovery of Tesla stocks may need to dive further towards the downside.
The overall decline that started from $1243 is within the five-wave structure and may be considered as wave A. The fifth wave, which started at $1207.81, is currently being drawn. But to complete the whole picture we need another low at $800-830. Ideally, prices should rebound from $837-838. But if the downside spike is short and quickly bought out, the two-year trend will also be sustained.
I recommend monitoring the $800-830 zone in order to open buy trades, considering a rebound of 38.2% or 50% to wave A (a 38.2% or 50% upside to the low within $800-830 zone) is met. According to the Refinitiv poll 19 analysts issued a “Buy” recommendation for Tesla stocks, 12 recommended to “Hold” and 10 recommended to “Sell”. The consensus target price is at $946.92 that is only 3% above current price levels.
