Tesla may be one of the worst performing EV stock this year
Tesla has slumped after it reported Q4 2023 results and gave a weak outlook for the whole of 2024. It managed to rise to 206 as I expected but couldn't break out and reversed. I wrote the article on Jan 9, before the results were released.
The 206 level was the day before it reported Q4 2023 results. Tesla fall to the channel support to test the support around 152.37 before breaking down.
Despite Cathie Wood's persistent purchases of Tesla shares, it couldn't rise above 206. Let alone 299 which was its 2023 high. In fact, she has also been selling around 206. This shows she is less than convicted about Tesla.
Nio and Xpeng have plunged this year but are showing strong rebounds. Not so for Tesla. Tesla may be one of the worst performing EV stock this year.
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MonkeyGee : There are rumors that EV demand in the USA is dying. it is very difficult for a country to move out of ice. however, a country like China that never had much ICE vehicles can adapt EV much easier.
bullrider_21OP MonkeyGee: Early adopters bought from Tesla. Other than that, Americans prefer hybrids over pure EVs. China know that EV is a growth area and they really concentrated on it.