2024-07-05 07:40:23 ET
Summary
- TSLA stock declined 29% to $138 since my last coverage before it rebounded, which was still within my support zone.
- Technical analysis shows a short-term bullish trend, potential resistance at $281.
- Production and delivery challenges, competition from BYD, caution advised for long-term investment.
Investment Thesis
In my previous coverage of Tesla, Inc. (TSLA) I reiterated my hold rating because the stock was in a bearish trend and was trending towards my support zone of about $117. Since my coverage, the stock declined about 29% from $195.33 to about approximately $138 which still falls around the support zone as will be illustrated later, and rebounded where I had recommended short positions within the $117 and $281 price range....
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For further details see:
Tesla: Hold, The Outlook Is Blurred (Technical Analysis)