Current trend

Shares of Tesla Inc., a leading manufacturer of electric cars, are corrected at 177.00.

Yesterday, the publication of the Q1 financial report, analysts are revising their estimates of the further dynamics of the issuer’s securities: contrary to statements by the head of the company, Elon Musk, about the stability of the situation, almost 90.0% of experts are reducing their forecasts. Thus, this week, economists at GLJ Research LLC maintained a Sell rating, adjusting the target price to 123.53 dollars, well below the current level, in the expectation that car sales in the first quarter will decline to 406.5–417.5K compared to the consensus forecast of 462.2K. Representatives of Oppenheimer Holdings Inc. believe that car sales will decrease from 509.0K to 468.0K. For 2024, the corporation’s revenue will be 109.8B dollars, lower than the previous forecast of 112.3B dollars. The earnings per share (EPS) forecast changed from 3.10 dollars to 3.01 dollars.

Support and resistance

On the daily chart, the trading instrument is declining along the support line of the downward channel with dynamic boundaries of 150.00–230.00.

Technical indicators are strengthening the sell signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO histogram is forming corrective bars in the sell zone.

Resistance levels: 185.00, 205.00.

Support levels: 169.00, 145.00.

Trading tips

Short positions may be opened after the price declines and consolidates below 169.00, with the target at 145.00. Stop loss – 180.00. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 185.00, with the target at 205.00. Stop loss is below 175.00.