TESLA pulling back on Q3 deliveries. Is there a reason to panic?Tesla (TSLA) opened considerably lower today as they announced Q3 deliveries of 463000 units, below the heightened expectations of around 470,000 from the buy-side and just slightly above the consensus estimate of 462,000. Is this a typical market overreaction on data or the start of a stronger correction ahead of the Robotaxi event next week?
Well from a technical standpoint, our thesis on Tesla is well known and hasn't changed since the August 15 update (see chart below), where we called for a $380 target within the long-term Channel Up:
Even on the more short-term 1D time-frame, we can see that the stock is respecting a Channel Up pattern that started on the August 05 bottom and for the past 30 days has been supported by the 4H MA50 (blue trend-line).
The last correction like the one we're having this week, was from August 20 to 28, which then rallied by +30.50%. As a result, the minimum Target now for November is $310.
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