Show

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>TSLA stock price crashed more than 2.99% intraday on Friday, 13th October.&nbsp;</a></li>
 <li><span>2</span> <a>Tesla Inc. stock (NASDAQ: TSLA) hovers in a symmetrical triangle pattern with the price currently at the tip of a breakout.&nbsp;</a></li>
 <li><span>3</span> <a>Tesla is yet to announce quarterly results on Wednesday, 18th October.</a></li>
</ul>
<p>Tesla Inc. (TSLA) stock price slumped 2.99% intraday on Friday and closed the week with a minor dip of 1.12%. The stock price has been volatile with major ups and downs in the current quarter. The price has been hovering between major support and resistance at $200 to $300.&nbsp;</p>
<p>The price trend analysis of Tesla stock elaborates that the stock persisted in a bullish territory for the last two quarters, thus, gaining over 80% in the period. Moreover, the stock price seems to be taking a rest after a bullish rally for two continuous quarters.&nbsp;</p>
<p>The current quarter implicated volatility and formed a symmetrical triangle pattern. The stock price has entered a short-term correction phase. The Tesla stock price is down by 15% from the recent high and has the potential to conquer it if it breaks out of the correction phase.&nbsp;&nbsp;</p>
<p>Tesla Inc. engages in the design, development, and sale of electric cars. The company operates in the USA, China, and some other countries. The automobile giant holds a market cap of $797.05 Billion. The daily volume received is less than the average 10-day volume indicating weakness in the stock price.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1445" height="772" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443.png" alt="Tesla Stock Price Prediction: Can Earnings Trigger A Breakout?" class="wp-image-176179" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443.png 1445w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443-300x160.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443-1024x547.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443-768x410.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443-750x401.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-443-1140x609.png 1140w" sizes="(max-width: 1445px) 100vw, 1445px">
  <figcaption class="wp-element-caption">
   Source: barchart.com
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 </figure>
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<p><a href="https://www.thecoinrepublic.com/2023/10/05/tesla-stock-lifts-off-6-in-intraday-outlook-for-this-week/" target="_blank" rel="noopener noreferrer nofollow">TSLA stock</a> option-chain analysis states that the current implied volatility in the market is 52.82% with an increment of 2.16% in the last trading session. The at-the-money strike has an OI of 16,758 on the PUT side and 7,528 on the CALL side indicating the domination of buyers at the CMP.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-tsla-stock-price-shows-formation-of-symmetrical-triangle-pattern-strong"><strong>TSLA Stock Price Shows Formation Of Symmetrical Triangle Pattern</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1600" height="747" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441.png" alt="Tesla Stock Price Prediction: Can Earnings Trigger A Breakout?" class="wp-image-176177" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441-300x140.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441-1024x478.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441-768x359.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441-1536x717.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441-750x350.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-441-1140x532.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   Source: Tesla&nbsp; 1D. NASDAQ By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The <a href="https://www.thecoinrepublic.com/2023/10/05/tesla-stock-lifts-off-6-in-intraday-outlook-for-this-week/" target="_blank" rel="noopener noreferrer nofollow">Tesla stock</a> price currently trades at $251.12&nbsp; with a decline of 2.99% on Friday. The stock price currently trades at the tip of the breakout of a symmetrical triangle pattern.&nbsp;<br><br>The earning days are near which might affect the stock price. The breakout of the symmetrical triangle pattern may hike the price to surge above the recent swing high.&nbsp;</p>
<p>Moreover, the breakdown below the symmetrical triangle pattern may trigger a long unwinding and the Tesla stock price may decline sharply.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-show-volatility-in-the-short-run-strong"><strong>Technical Indicators Show Volatility In The Short Run</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" loading="lazy" width="1600" height="747" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442.png" alt="Tesla Stock Price Prediction: Can Earnings Trigger A Breakout?" class="wp-image-176178" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442-300x140.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442-1024x478.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442-768x359.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442-1536x717.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442-750x350.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-442-1140x532.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   Source: Tesla&nbsp; 1D. NASDAQ By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The daily TSLA stock price chart shows that the price hovers near the 50-day EMA indicating volatility. At press time, the RSI lines are showing a negative crossover indicating weakness over the chart.&nbsp;</p>
<p>The overall Technical Opinion rating including RSI and MACD signals a 72% “buy” with the weakest short-term outlook on maintaining the current direction.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Tesla stock is in a correction phase after a strong rally in the last two quarters. The stock forms a symmetrical triangle pattern on the daily chart and may break out or break down depending on the earnings results and the market sentiment. The analysts have a mixed outlook for the stock with a wide range of price targets.&nbsp;</p>
<p>The stock has a high market cap and the current volume received is lower than the average volume indicating weakness. The Tesla stock closed at $251.12 on Friday with a 2.99% drop.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support levels:</strong> $240.49 and $230.69.</li>
 <li><strong>Resistance levels:</strong> $267.41 and $280.69.</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Tesla Stock Price Prediction: Can Earnings Trigger A Breakout?

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