Tesla: More Pain, Less Gain

March 22nd 2024 – The price of Tesla Inc is expected to develop further into a negative medium-term trend reports Trend Intelligence, with the stock settling just short of $171 at the end of its trading day on Friday.

Trend’s Analysis (click chart to expand): Trend’s M* Momentum Indicator reads that an aggressive negative trend is underway – the fast yellow M* line below its slower red M* Signal Line, both trending downwards below the critical zero line. In addition, the price of Tesla trades below all 3 of Trend’s short, medium and long term moving averages and now also below Trend’s Japanese Cloud in pink shading.

All stated readings corroborate Trend’s negative medium-term trend rating on Tesla Inc, for weeks and months ahead.

Downside Sentiment: Tesla has reduced production at its Shanghai factory in response to slowing EV demand in the world’s largest car market. The company is heading towards a Q1 delivery miss and has announced vehicle price rises, reports Investor’s Business Daily.

Upside Sentiment: Elon Musk and Tesla acknowledged in their January 2024 earnings call that the company is focusing on producing a $25,000 next-generation electric vehicle, as well increasing investment in energy storage and fully self-driving cars. Tesla has reportedly told its suppliers that it wants to begin production of its new mass-market vehicle, code-named “Redwood,” in 2025, reports Investor’s Business Daily

Authored by: Trend Intelligence, London

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