Is Tesla's Rally Running on Fumes?
Tesla is set to post its quarterly earnings after today's market close. While the market expects the company to deliver robust performance, the continuation of the underlying rally is far from certain.
The general stock market rally has been showing signs of weakness over the past several weeks amidst rising U.S. yields and fears of soaring inflation. Meanwhile, FED's policy decision on Wednesday could bring further doubt and volatility, which could then jolt Tesla's uptrend.
Today's earnings data could end up being the catalyst for a new correction; however, the underlying upswing may still attempt to test the psychologically significant resistance level at 800.00 before such a correction takes place.
The Fibonacci retracement levels signify the likely targets for such a dropdown
The general stock market rally has been showing signs of weakness over the past several weeks amidst rising U.S. yields and fears of soaring inflation. Meanwhile, FED's policy decision on Wednesday could bring further doubt and volatility, which could then jolt Tesla's uptrend.
Today's earnings data could end up being the catalyst for a new correction; however, the underlying upswing may still attempt to test the psychologically significant resistance level at 800.00 before such a correction takes place.
The Fibonacci retracement levels signify the likely targets for such a dropdown
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