Tesla Reports Q1 Results Today: What to Look For
2023.04.19 04:37
After recent price cuts and low expectations of only $.85 per share or a 20% drop since a year ago, eyes will be on Tesla (NASDAQ:) after the close.
Tesla, always controversial, can either beat those low expectations or provide a low-risk buy opportunity against major moving averages.
Or
With Musk on a call shortly after the numbers are published, he can just as easily talk the price down.
Regardless, it is always about expectations and forward guidance, regardless of how many analysts chime in ahead of time with their predictions.
That, of course, and the price charts.
Technical View – Tesla
The first chart is a Daily timeframe. The divergence between momentum and price is most interesting.
While our Real Motion says bullish phase and the indicator sits right on the 50-daily moving average, the price says bearish phase.
A move over the 50-DMA in price or 192.50 would be compelling based on the better momentum.
On the weekly chart, the price is better than the momentum.
The $177 level is a big support to hold based on the 200-WMA. Momentum is in a bearish phase, while the price is in a caution phase.
Hence, a move over 192.50 could take the price up to around 215 next. Under 177, we could see 120-125 just as easily.
In between? Just like the rangebound market- tough call.
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ETF Summary
- S&P 500 (SPY) Tight range to watch this week 412-415
- Russell 2000 (IWM) 170 support- 180 resistance
- Dow (DIA) Peeking over the 23-month MA 336-impressive if holds
- Nasdaq (QQQ) 312 support over 320 better
- Regional banks (KRE) 41.28 March 24 low held and now has to clear 44
- Semiconductors (SMH) 258 resistance with support at 250
- Transportation (IYT) 219-228 the wider range to watch
- Biotechnology (IBB) 130 major pivotal area-135 resistance
- Retail (XRT) 58- 64 trading range to break one way or another
