Stocks

Tesla Disappoints Once Again

Tesla reported first quarter earnings last week.  The results missed both, earnings and revenue expectations.  Tesla lost $702 million or $4.10 in earnings compared to $494 million, or $2.90 a share, compared with a loss of $3.35 a share a year ago.

Tesla Inc’s stock price fell 5% on Friday and fell 14% for the week to its lowest since January 2017.

Daniel Ives of Wedbush cut his rating on Tesla TSLA to neutral from outperform, the equivalent of buy, in a scorching note that reflected equal amounts of frustration and despair.

“In our 20 years of covering tech stocks on the Street we view this quarter as one of top debacles we have ever seen while Musk & Co. in an episode out of the Twilight Zone act as if demand and profitability will magically return to the Tesla story,” Ives wrote in a note to investors. “Ultimately we believe the company’s guidance is aggressive and management/board is not taking aggressive enough cost cutting actions and shutting down future endeavors to preserve capital and give a sustained path to profitability for the Street.”

Source

So where is the stock price headed next, lets go to the charts to find out?

Price broke a critical monthly demand level at $260 that held three other times.

Thus, the chart suggest price is headed lower and a great short set-up would be if and when price pulls back to the weekly supply at $272 for another leg down.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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