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.


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇