Tesla Inc. is gearing up for a significant reveal on 8 August this year, as it plans to introduce its much-anticipated robotaxi. This move comes at a time when the company is navigating sluggish sales and increasing competition from more affordable Chinese electric vehicles. Elon Musk, the CEO of Tesla, announced on his social media platform, X, the upcoming unveiling of the robotaxi.
Tesla has long been ambitious about its vision of a fully autonomous vehicle, first presented to investors in 2019. Recently, Tesla has rolled out the latest iteration of its driver assistance software, marketed as Full Self-Driving (FSD), to its consumer base.
Given this backdrop, let's delve into Tesla Inc.'s stock (TSLA) to scout for potential trading opportunities:
Analysing the Daily (D1) chart, a support level is identified at 160.51 USD, with resistance at 182.87 USD. A breakout above this resistance level could signify the start of an uptrend.
On the Hourly (H1) chart, initiating long positions becomes attractive upon breaching the 182.87 USD mark, targeting a short-term objective of 205.06 USD. For those looking at a medium-term investment, maintaining a long position until reaching 233.87 USD could be viable.
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He-he.. so many recent Tesla technical analyses. I wonder that no one noticed that TSLA stock yesterday were near (less than 1% above) its 52-weeks low , reached on 2023-04-27 at $152.37 per share at daily close. Tesla historical back test says, if stocks near its 52w low and 52-weeks floor increased over the past 52 weeks (like now), shares always tend to reach at least median in 52-weeks high/low range, or even 52-weeks high. In these cases if median was reached only, and no new 52-weeks high was set, stocks always tend to set after that new 52-weeks low. If median was reached plus new 52-weeks high was reached, stocks always tend to print new 52-weeks high. In human words, currently $152.37 is 52w low and $225.83 is median in 52 weeks high/low range, when $299.29 is currently 52w high.
jstanfil
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@Pandorra, all of those patterns are superseded by Tesla's investment thesis: China dominance, new model, full FSD. The first two are gone and no one knows how far out FSD is. But if Musk doesn't pivot and unveil the new model tomorrow (or tell us FSD is 6 month away), it's going to be a BLOODBATH. $110-120 as analysts everywhere reset their base case for EPS AND multiple, at the same time.
TLDR; y'all are crazy leaning on technical patterns and ignoring the wave of different, real-life and complex business challenges Tesla is now facing.
Pandorra
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@jstanfil Who knows, who knows. This is very individual, and very depends what you looking for.. an opportunity or a disavowal. Still current -58.6% TTM return is a quite rare case for Tesla stocks. Similar thing has happened just once before, last time near $100 mark in early January, 2023. Those time Tesla shares doubled in price just in a month, and tripled in price over the next 6 months.
jstanfil
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@Pandorra, Yeah, I guess I just don't see what causes those upswings this time. Robotaxi? Laughable - Tesla hasn't even contacted regulators about it yet, so we're easily 2 years away, at best.
They're all out of moves. We're going to $100.
Pandorra
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@jstanfil, I think current risks ARE MUCH BIGGER than "We're going to $100." ))
Pandorra
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@jstanfil, Well.. let's see.. There are a lot of corporate issues coming. Earnings numbers, revenue numbers.. and Tesla 2024 annual shareholders meeting that is to be held in mid-June. Tesla investors are to vote on Texas incorporation. And partially what is most important, to vote on Musk’s comp plan. This is a very important vote, as it can provide a sense will Elon stay with Tesla or not. No doubts, Tesla as Elon' company , and Tesla as... just a car maker.. these are two very different things. Robotaxi in this time is just a blah blah I guess, nothing special to talk about.
jstanfil
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@Pandorra in the short term, only earnings/revenue/deliveries matter from that list. All are projected to fall short of expectations, in some estimates by 40%. Tesla is full blown losing China.
Thats why only the new low-cost model and FSD (disguised as the "Robotaxi" "story" now) matters.
financialfreedomgoals101
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Robotaxi was made in China long time ago before Tesla planned to do it
I wonder that no one noticed that TSLA stock yesterday were near (less than 1% above) its 52-weeks low , reached on 2023-04-27 at $152.37 per share at daily close.
Tesla historical back test says, if stocks near its 52w low and 52-weeks floor increased over the past 52 weeks (like now), shares always tend to reach at least median in 52-weeks high/low range, or even 52-weeks high.
In these cases if median was reached only, and no new 52-weeks high was set, stocks always tend to set after that new 52-weeks low. If median was reached plus new 52-weeks high was reached, stocks always tend to print new 52-weeks high.
In human words, currently $152.37 is 52w low and $225.83 is median in 52 weeks high/low range, when $299.29 is currently 52w high.