Technical Analysis On Tesla (TSLA) Into Earnings

Shares of Tesla (TSLA) are struggling in October, down 16%. Investors sold the news on the robo-taxi unveiling based on lack of details and length of time until they come to market.

The stock has fallen from resistance at $263 to support at $215.

Thursday, October 23rd, Tesla will report earnings. Investors are looking for earnings of $0.58 per share on revenue of $25.55 billion. The whisper number puts it at a beat of $0.65 per share share. Remember, institutional investors are expecting that beat, so they will have to match or beat it to keep the stock neutral to positive. In addition, guidance will be the real key.

The stock has a bear flag formation on the daily chart. This puts probability favoring the downside slightly. If $215 breaks, the major support is not until $185.

Should Tesla beat and raise guidance in surprise move, the stock has upside to gap fill at $238.

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