TSLA hits SELL Trigger. Earnings hype wear off.
$Tesla Motors(TSLA)$ is on a 6-day losing streak and has triggered a “Sell” signal, by falling more than -7% below a buy point of $264.86.
On Mon, 04 Nov 2024 afternoon, Tesla stock was down -2% intraday. The stock is on track to lose -9% in six days. (see above)
Shares are selling off amid news that Tesla rival $BYD Co., Ltd.(BYDDF)$ has regained its title as the Top Battery EV seller in the 4th quarter. (see below)
The last time Tesla was on such extended losing streak was just this April 2024, when shares fell for 7 consecutive days.
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YTD, Tesla stock holds a small loss but is nearing its 2023 year-end closing price of $248.48.
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The last time Tesla stock suffered a loss for the year was in 2022, when it fell -65%.
Statistically:
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Tesla shares are -40% below their all-time high of $414.50 reached on 4 Nov 2021.
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One consoldation, they are +15% higher than their 23 Oct 2023 lows of $212.11.
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The stock gapped up +22% on October 2024 after better-than-expected Q3 2024 results.
Unfortunately, it seems like much of that gain has since evaporated.
Shares are above the 50-day moving average for now.
The stock has struggled to get past $275 all year, which is a level of resistance.
As of 04 Nov 2024, Tesla’s Relative Strength rating of “86” vs “91” just one week ago.
Its EPS Rating falls below the preferred level of 80 by two points. The relative strength line is also sloping downward, showing that the stock is lagging the benchmark S&P 500. (see above)
Elon’s Trump Card.
Ever the businessman, Mr Musk has spent more than $75 million to support the Trump campaign.
Despite Mr Trump has (made wild speeches on) opposed policies that favour electric cars, if he becomes president he could ease regulatory scrutiny of Tesla or protect lucrative credits and subsidies.
All is not lost for Tesla yet because it is operating at another plain, transcending ordinary business per se.
My viewpoints : (mine only)
As said many times, even if Tesla performs poorly on the stock market, it will not disappear overnight.
Assuming Mr Trump returns to the oval office for a 2nd term and creates a role for Mr CEO.
How is Mr CEO going to remain impartial in his new role (as a public servant) and avoid all sorts of conflicts of interest, given privvy to confidential state information while still running his string of companies as Heads ?
Will he be like the ex-first daughter of Mr Trump - Ivanka and stepped down from all her corporate roles and worked full time at the White House ? Would he be willing ?
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Do you think Tesla will be able to break through resistant level of $275 by year end?
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Do you think Mr CEO will leverage on his position and exert influence on policy to favour Tesla in America, shadowing other car makers $Ford(F)$, $General Motors(GM)$ and $Stellantis NV(STLA)$ ?
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