Current trend

Shares of Tesla Inc., a leading manufacturer of electric cars, are adjusting at 240.00.

In a recently published release, the company reported deliveries of 462.0 thousand cars in the third quarter, stressing that the figure could rise to 484.0 thousand in the next reporting period, while increasing production is likely to be hindered by a change in the tariff for the import of electric cars to the EU from 10.0% to 17.8%, and supplies from the factory in Shanghai fall under it. To maintain sales, Tesla Inc. decided to issue bonds in the amount of 783.0 million dollars, which will be secured by car rentals. Against this background, analysts at HSBC Bank raised the target price for the emitter's shares from 118.0 dollars to 124.0 dollars.

The publication of the financial report for the third quarter is scheduled for October 23: analysts expect revenue of 25.53 billion dollars, up from 23.40 billion dollars earlier, while earnings per share (EPS) may amount to 0.5918 dollars compared with 0.6600 dollars last year.

Support and resistance

On the D1 chart, the asset moves in the direction of the resistance line of the ascending channel with the boundaries of 300.00–220.00.

Technical indicators maintain a stable buy signal, which has recently weakened against the background of a local correction: fast EMAs on the Alligator indicator are located near the signal line, and the AO histogram forms new correction bars while being in the buy zone.

Support levels: 236.00, 210.00.

Resistance levels: 250.00, 270.00.

Trading tips

In the event of a reversal and continued growth of the asset, as well as price consolidation above the resistance level of 250.00, one may open long positions with a target of 270.00 and a stop-loss of 240.00. Implementation period: 7 days and more.

If the global decline of the asset continues and the price consolidates below the support level of 236.00, one can open short positions with a target of 210.00 and a stop-loss of 245.00.