$TSLA Down on Over-Speculation

20 thg 7, 2023

TSLA reported earnings after market close yesterday. Pro traders took profits before the close as the run became technically overextended. It gapped down today, but not on the extreme volume we'd expect from the usual HFT activity around earnings.

Profit and Operating margins are decreasing quarter over quarter, but revenues and net income are increasing.

This is not so much an onslaught of sellers but profit-taking along with a lack of buyers at this price range. As occurs often for this high-profile yet important EV company, the stock is over-speculated and needs to pattern out the excess. It could test the next support levels, but ultimately it's likely to head sideways as it challenges the resistance from Aug-Oct of last year...barring any surprises from Musk ;)

Dark Pool Buy Zones are in the bottom formation. The question is: will those buy zones be moved up or not?