Tesla Breaches Support Ahead of Earnings Release

The price of Tesla broke lower and was below support before its Tuesday earnings release. 

TSLA – Weekly Chart

TSLA – Weekly Chart 

TSLA trades at $147.05 but has closed below weekly support, which could be ominous for the upcoming earnings. 

Tesla slashed the price of three of its five models in the US late Friday before making further price cuts globally, including in China and Germany. The company has been facing falling sales, a Cybertruck recall, and growing competition against its electric vehicles. 

Elon Musk’s company made significant price cuts, including its top seller domestically, the Model Y, and its X and S models. The company also reduced the price of its “Full Self-Driving” driver assistant software. These price cuts, coupled with the recent recall of the Cybertruck, have created a challenging environment for Tesla, prompting investors to exercise caution and stay informed.  

“I think the next few weeks are a ‘get out the popcorn moment’ for tech,” Dan Ives, equity analyst at Wedbush Securities, said on Bloomberg TV last week. He added that this will be a “flex the muscles moment” for tech companies and a “golden buying opportunity.” 

While Ives remains optimistic about the EV maker, he emphasises the importance of the issues that Musk needs to address during the earnings call. These include China’s growth decline, guidance on growth, profit margins, and cash flow. The company’s plans for its Model 2 and its use of artificial intelligence will also be crucial. This information is vital for investors to understand the potential impact on the company’s performance.

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