Tesla stock has been gradually declining since the start of the year, can its quarterly earnings report bring some positivity?

Elon Musk's electric vehicle company is expected to report its quarterly earnings today. From a technical overview, its shares are currently trading at $224.22. Towards the upside, the first resistance level sits at $226.26 followed by a major resistance level at $230.02 (23.6% fib). A break above the 23.6% Fibonacci retracement could see the stock climb towards the 38.2% fib level, where the price per share is $246.02. However, a weak earnings report could see the stock head the other way. Towards the downside, the first support level sits at $217.25 followed by a major support level at $204.16. A slip below the major support level could see the stock reach its very lows so far this year. Looking at the indicators, MACD is positive and RSI reads 53, both suggesting a positive stance. Nevertheless, it is important for investors to closely watch the earnings report today.

 

 

 

 

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