Elon Musk’s stock is sitting on the precipice.
Tesla’s earnings came out last night and misssed by a lot (like 10%). Elon Musk – true to form – gave the upbeat view that the firm would return to profitability in the 3rd quarter, blah, blah, blah. The stock actually was higher today, but has since reversed and trades down -$11.54. The low has reached $246.07
That low today is between lows from 2018 at $244.59 and $247.77. Looking at the chart, Tesla tends to trade to swing levels and either sell or buy. This is one of the buy levels that should stall the fall, but given the earnings news and Elon Musk’s declining lack of credibility, it makes you wonder if the floor will be broken.
What we do know with Tesla stock is it may be a great car, but expect a bumpy ride.