Tesla’s share price has been tanking again this week as Tesla’s deliveries miss spelled trouble for the electric vehicle maker as its value moved towards $100.00 per share.
The drop accelerated as deliveries are the closest approximation of sales disclosed by Tesla. The company reported 405,278 total deliveries for the quarter and 1.31 million total deliveries for the year.
Shares of Tesla closed down by over 10% on Tuesday, just a day after the electric auto maker reported fourth-quarter vehicle production and delivery numbers for 2022.
The numbers represented a record for the Elon Musk-led company and growth of 40% in deliveries year over year, but they fell well short of analysts’ expectations.
Others see a buying opportunity for the company in 2023. I think Tesla’s share price could have a change in momentum going forward, but it is likely to continue lower unless we see a change on market sentiment.
Additionally, tech stocks have not been recovering as the Nasdaq struggles alongside the S&P500. Cryptos have also been falling. Generally speaking, all these components are bad from Tesla.
Tesla Short-term Technical Analysis
According to the four-hour time frame Tesla’s stock price has reached the target of a bearish head and shoulders. Looking at the size of the pattern I would suggest a $100.00 price move is likely.
Due to the presence of bullish MACD price divergence an explosive reversal move is surely brewing for the car company if support and dip buying is seen around $100.00.
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Tesla Medium-term Technical Analysis
According to the daily time frame Tesla’s stock price has ignited a huge head and shoulders pattern. These types of patterns are very bearish, however, it does suggest a huge downward price move is coming.
The larger picture still shows a huge head and shoulders pattern pointing well below $50.00. This is not providing a glimmer of hope for medium-term bulls that Tesla can get the price back to $200.
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