To The Moon

Tesla stock dived after its recent earnings.

Earnings of Tesla Q4/FY23

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The above is taken from an excellent Twitter post by App Economy Insight:

Observations from the above 1D Tesla chart:

• MACD points to a downtrend

• Stochastic is ranging along the bottom but there is not a clear reversal.

• The Exponential Moving Average (EMA) lines are in a downtrend.

• The Moving Average (MA) lines are in an uptrend.

• However, with the candle being below both the MA50 & MA200 lines, this is bearish for the stock (for both short and longer time frames).

• One key reference that we need to consider is the volume candle. The average daily trading volume for Tesla is about 117M. The daily trading volumes are 123M, 123M, and 197M for the last 3 days. Volume represents the momentum of the stock movement. I will look out for weakening volume for the downtrend to end.

• The next support level is around $150.

From the technical indicators (1D chart), there are 17 indicating “Sell”, none for “Neutral” and “Buy”.

From the above, it is likely the downtrend should continue. We also have other important macro data (like PCE) and the coming FOMC’s interest rate decision. These can propel or shake the market. It could take a few more days or more before the current trend ends.

@TigerStars

$Tesla Motors(TSLA)$