Tesla (TSLA): Towards September High

Tesla (TSLA) will release Q3 results on October 21, with better than expected deliveries reported earlier this month...

Tech (1)

Tesla (TSLA) will release Q3 results on October 21, with an adjusted EPS median forecast of $0.59, according to Bloomberg.

On October 2, Tesla reported better than expected Q3 deliveries, which rose 44% on year to 139,300 units (129,950 units estimated), surpassing its previous record of 112,000 units in Q4 2019. 

Investors would also keep an eye on whether the electric vehicle giant would maintain its full-year delivery target of 500,000 units, with 318,350 units achieved in the first nine months.

From a technical point of view, an upside breakout is expected for Tesla as shown on the daily chart. It has formed a bullish one-day reversal candlestick on September 24, when it reached a rising trend line drawn from June. The level at $385 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $462 and $503 respectively.

Source: Gain Capital, TradingView

More from Tech Stocks

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.