Tesla Levels to Watch as Investors Await Q4 Deliveries Report
55 minutes ago
Tesla (TSLA) shares are down in premarket trading after logging two consecutive days of losses, as investors reassess the stock’s extended post-election rally and look ahead to the EV maker’s fourth-quarter deliveries report.
Analysts predict the deliveries number, which is expected to be released on Thursday, to come in around 510,000 units, which would represent 10% growth from the prior quarter and a 5% improvement from a year earlier.
Since the presidential election, Tesla shares have surged more than 70% on expectations that CEO Elon Musk’s ties with President-elect Donald Trump and growing influence in Washington will benefit the automaker’s autonomous driving ambitions.
Tesla shares were down 3% at around $419 in recent premarket trading, after falling nearly 7% over the previous two sessions.
The stock has consolidated within a pennant, a chart pattern that signals a continuation of the current uptrend.
A measured move, which calculates the distance in points of the impulsive move higher that preceded the pennant and adds that amount to the pattern’s top trendline, forecasts a price target of $615.
During pullbacks, investors should watch key support levels on Tesla’s chart around $360 and $300.
Read the full technical analysis piece here.
–Timothy Smith
Major Index Stock Futures Lose Ground
1 hr 42 min ago
Futures tied to the Dow Jones Industrial Average were down 0.6% in recent trading.
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S&P 500 futures were down 0.8%.
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Nasdaq 100 futures were also off 0.8%.
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