Tesla earnings risk for pullback before rally to all time highs
Tesla has been charging higher recently but is overbought coming into the quarterly earning release. When we rally into the earnings the risks are skewed to downside from a positioning and disappointment point of view. Market is expecting good numbers but that may be priced in up here.
Whilst it is possible for the numbers to beat the street I would worry about the sustainability of any further rally here as we need to work out the overbought levels before a test and potential break of January all time highs at $900. So the big danger is chasing a strong number rally today and we should look at weakness as the only buying opportunity.
First support is $800, while $750 is a very nice level if we pull back to the trendline support.
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Whilst it is possible for the numbers to beat the street I would worry about the sustainability of any further rally here as we need to work out the overbought levels before a test and potential break of January all time highs at $900. So the big danger is chasing a strong number rally today and we should look at weakness as the only buying opportunity.
First support is $800, while $750 is a very nice level if we pull back to the trendline support.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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