Tesla Looks Geared Up To Print Reversal Signal, Indicating A Bounce Is In The Cards: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Tesla, Inc (NASDAQ:TSLA) is showing signs of a potential reversal signal, indicating a bounce back from its recent lows. Despite beating Q2 earnings expectations, the stock has shown weakness compared to the general market. The upcoming deliveries of the highly-anticipated Cybertruck could potentially rally the stock. However, Tesla has reversed its upward trend and could establish a new downward trend. The stock has resistance at $271.71 and $285.83 and support at $254.98 and $234.35.
July 24, 2023 | 2:48 pm
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NEUTRAL IMPACT
If Tesla confirms a new downtrend and drags the market lower, volatility in the stock market could increase. Traders wishing to trade the volatility in the stock market can use MIAX’s SPIKES Volatility products.
If Tesla confirms a new downtrend and drags the market lower, volatility in the stock market could increase. Traders can use MIAX’s SPIKES Volatility products to trade this volatility. However, this is dependent on Tesla's performance, leading to a neutral score.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Tesla's stock has shown weakness despite beating Q2 earnings expectations. The upcoming Cybertruck deliveries could rally the stock, but a new downward trend could be established.
Tesla's stock has been weak compared to the general market despite beating Q2 earnings expectations. The upcoming Cybertruck deliveries could potentially rally the stock. However, the stock has reversed its upward trend and could establish a new downward trend. This uncertainty leads to a neutral score.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100