easyMarkets

Tesla earnings risk for pullback before rally to all time highs

Long
EASYMARKETS:TSLUSD   Tesla (TSL) / US Dollar
Tesla has been charging higher recently but is overbought coming into the quarterly earning release. When we rally into the earnings the risks are skewed to downside from a positioning and disappointment point of view. Market is expecting good numbers but that may be priced in up here.

Whilst it is possible for the numbers to beat the street I would worry about the sustainability of any further rally here as we need to work out the overbought levels before a test and potential break of January all time highs at $900. So the big danger is chasing a strong number rally today and we should look at weakness as the only buying opportunity.

First support is $800, while $750 is a very nice level if we pull back to the trendline support.

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