Is It Time To Buy Tesla Stock After Thursday's Bloodbath? Here's What One Long-term Technical Chart Says.
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares dropped 12.13% on Thursday after Q4 results but slightly recovered on Friday. The stock is now in the oversold zone according to the 14-day RSI. A long-term technical chart suggests that Tesla has historically bounced back after hitting a long-term upward trendline. Analysts have lowered estimates and price targets post-earnings, but the average target still indicates over 21% upside potential. Near-term catalysts include Q1 delivery updates and news on new EVs, Giga Mexico, or India launch.
January 28, 2024 | 2:31 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Tesla's stock experienced a significant drop but is showing signs of being oversold, which could indicate a potential rebound. Analysts have lowered price targets but still see substantial upside potential.
The stock's oversold status and historical pattern of bouncing back after hitting a long-term trendline suggest a potential short-term price increase. Analysts' average price target supports this view, despite recent reductions. Upcoming updates on deliveries and new projects could also act as positive catalysts.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100