Stock of the day: Tesla

By Tomasz Wisniewski|

Published: July 19 2023, 10:00 GMT+0

Stock of the day: Tesla

Tags:

Tesla is slated to release its earnings report after the market closes today. Expectations are set with an estimated EPS of 0.78 and forecasted revenue at 24.29B. Ahead of this announcement, Tesla’s stock is demonstrating bullish behavior, having marked new yearly highs just yesterday.

From a technical standpoint, Tesla’s stock is navigating within an upward channel, illustrated by parallel black lines. A pivotal development in July was the break above a red downtrend line, suggesting positive momentum for the stock.

Should Tesla’s results outshine expectations, we can anticipate a move towards the orange resistance level set at $315. Conversely, if the outcomes fall below forecasts, the stock might retrace to the upper boundary of the channel. This scenario provides an optimal selling point. If the price does indeed pull back, the likely target would be the green horizontal support, marked at $240.

Given Tesla’s recent stock trajectory, a break towards the upside seems to be the more likely outcome. Nonetheless, the upcoming earnings report will be the primary determinant, and investors should tread cautiously and stay informed.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-tesla-4

Back

Related Articles

Stock of the day: General Electric

December 06 2024, 14:42

Stock of the day: PepsiCo

December 05 2024, 08:10

Stock of the day: Facebook

December 04 2024, 06:53




The Latest Articles