Naked Chart Trading: TESLA 26 Apr 2024
Magnificient Seven Series
Yes, Alphabet / Google delivered colourful QR yesterday, but I would like to study $Tesla(TSLA.US$$ on its rebound after QR release, Will study Alphabet on the next day.
Some background on Tesla latest QR according to CNBC news: Earnings per share and revenues both missed analyst expectations, while vehicle deliveries were at their lowest level since Q3 2022. But share prices saw a quick rebound after. What is going on?
Remember what I shared earlier that the share prices normally already factored in all available existing factors and will move because of new factors? Well there is some positive catalyst in their earning call, which is CEO Elon Musk pledged to accelerate plans for a more affordable EV.
Remember what I shared earlier that the share prices normally already factored in all available existing factors and will move because of new factors? Well there is some positive catalyst in their earning call, which is CEO Elon Musk pledged to accelerate plans for a more affordable EV.
"We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025”as the company mentioned, which gave investors a concrete date and sooner than expected timeline on this segment.
This is the reason I suspected to be the main catalyst to push the share prices up after lower than expected QR.
$Tesla(TSLA.US$ Daily Chart
This is the reason I suspected to be the main catalyst to push the share prices up after lower than expected QR.
$Tesla(TSLA.US$ Daily Chart
Daily chart does not look good to me, overall Tesla is in a more to bearish trend after its peak in year 2021. First thing, lower highs and lows, indicated that selling pressure is in charge of momentum. Secondly, I drawed a Fibo retracement from recent bull wave (Jun to Jul 2023), the current wave yet to signal any strong bull reversal, just a technical rebound so far.
Fibo retracement level
23.6% around USD148
38.2% around USD177
50% around USD200
61.8% around USD224
There is still possibility for the share prices to retest USD100 level, required to sustain above USD200 with more higher highs and lows for a strong rebound. For very short term, it is a good sign that the share prices continue to stay above USD170, with further downside once it close below USD140
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Fibo retracement level
23.6% around USD148
38.2% around USD177
50% around USD200
61.8% around USD224
There is still possibility for the share prices to retest USD100 level, required to sustain above USD200 with more higher highs and lows for a strong rebound. For very short term, it is a good sign that the share prices continue to stay above USD170, with further downside once it close below USD140
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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