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TSLA Post Earnings Drop – Watch These Key Levels (Stock Analysis)

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In this video recap, we’ll explore the recent performance of Tesla, which has seen a pre-market selloff following its earnings report. We’ll take a closer look at the implications of these developments and the potential trajectory of Tesla’s stock.

Tesla’s Pre-Market Movement

Tesla is experiencing a pre-market decline of approximately $15, a significant move that has sparked market interest. With a current price of $226.98 and the opening bell just around 20 minutes away, the stock seems poised to gap down at the start of the trading day.

Technical Analysis and Chart Overview

We turn to the 130-minute chart to assess Tesla’s performance. The pre-market movement is evident, with a downward trend. However, it’s important to note that this chart may not capture pre-earnings and after-hours data comprehensively. The critical element here is the anticipation of a $15 drop when the market opens.

Recent Price Action

Tesla’s recent price action has been characterized by sideways consolidation. After a strong upward trend from May onwards, the stock entered a phase of consolidation. This pattern has continued through July, August, September, and into October. The reason for this consolidation may be market-related or influenced by other external factors.

Analyzing Volume

Volume plays a crucial role in understanding Tesla’s performance. During the initial upward movement in May, there was a noticeable increase in volume. This suggests heightened interest and demand for the stock. However, in the subsequent months, as the stock moved sideways, the volume seemed to diminish.

Support Levels and Key Price Points

Investors should closely monitor key support levels to gauge Tesla’s future performance. The critical level to watch is around $212.36, which corresponds to the swing low. This level can be considered a “line in the sand.” If Tesla remains above this point, there is potential for a rebound.

Post-Earnings Behavior

After earnings reports, it’s advisable to observe the stock’s behavior for a couple of days. This period allows investors to gauge how the stock digests the earnings news and reacts to market conditions.

The Broader Market Landscape

While Tesla’s pre-market selloff is noteworthy, it’s essential to consider the broader market context. The S&P Futures are showing a potential rebound of about 9 points, indicating a slight recovery following a significant downturn.

Promising Stock Performances

Despite challenging market conditions, some stocks have shown resilience. Companies like Best Buy (BBY) and Dollar Tree have exhibited robust performances. Monitoring such stocks can provide insights into market dynamics.

Concluding Thoughts

Tesla’s post-earnings performance has drawn attention due to its pre-market selloff. However, understanding the broader market context and keeping an eye on support levels is crucial. By observing how Tesla behaves in the wake of earnings and considering potential rebounds, investors can make informed decisions.

As always, we appreciate your support and invite you to stay tuned for more updates and insights. Have a successful trading week ahead, and we look forward to sharing more valuable content in the future.

In this class we will focus at looking at the technicals, learning about charts, how to check for support resistance, strength of the move, indicators, understanding price movements, ABCD patterns, and more! Ready to take your technical analysis to the next level? ​

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