Technical Analysis – Tesla stock in symmetrical triangle ahead of earnings
October 18, 2023 8:27 am
Tesla stock generates a symmetrical triangle pattern
Battles with 50-day SMA ahead of its earnings call on Wednesday
Momentum indicators suggest a cautiously negative tone
Tesla’s stock has been generating a structure of lower highs but higher lows after peaking at the 2023 high of 298.70 in July. In the near term, the price experienced a minor pullback, which got curtailed by the 50-day simple moving average (SMA) as earnings announcement looms.
Should selling pressures intensify, the price could face the recent support of 247.00. Breaking below that floor, the stock would violate the symmetrical triangle pattern, which could open the door for the September low of 235.00. Even lower, the August bottom of 212.00 could provide downside protection.
On the flipside, if earnings surprise to the upside, immediate resistance could be met at the October peak of 268.00. Conquering this barricade, the bulls could aim for the September high of 278.00. A violation of that level could set the stage for the 2023 high of 298.70.
In brief, Tesla’s share price has formed a symmetrical triangle pattern in the short term, hinting that a breakout towards either direction could occur soon. Will the earnings announcement trigger that move?
Tesla stock generates a symmetrical triangle pattern
Battles with 50-day SMA ahead of its earnings call on Wednesday
Momentum indicators suggest a cautiously negative tone
Tesla’s stock has been generating a structure of lower highs but higher lows after peaking at the 2023 high of 298.70 in July. In the near term, the price experienced a minor pullback, which got curtailed by the 50-day simple moving average (SMA) as earnings announcement looms.
Should selling pressures intensify, the price could face the recent support of 247.00. Breaking below that floor, the stock would violate the symmetrical triangle pattern, which could open the door for the September low of 235.00. Even lower, the August bottom of 212.00 could provide downside protection.
On the flipside, if earnings surprise to the upside, immediate resistance could be met at the October peak of 268.00. Conquering this barricade, the bulls could aim for the September high of 278.00. A violation of that level could set the stage for the 2023 high of 298.70.
In brief, Tesla’s share price has formed a symmetrical triangle pattern in the short term, hinting that a breakout towards either direction could occur soon. Will the earnings announcement trigger that move?
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