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Tesla Delivers Below Wall Street Estimates for Q3

Russell Shor Written by Russell Shor
  • TSLA.us
    (${instrument.percentChange}%)

Comment

Tesla (TSLA.us) has delivered fewer cars than expected over Q3. Wall Street estimates were at 455,000 units, but the company only delivered 435,059 units. Analysts have been progressively lowering their expectations due to slowing demand in China. However, part of the issue also revolved around production, with the company producing only 430,488 units.

Technical Analysis


Source: www.tradingview.com

TSLA.us is trading near 2% down on the day and some weakness is evident on the weekly chart, with a lower peak being charted in September (down sloping red trendline). However, the RSI is yet to slip below 50 into the indicator's bearish territory (green rectangle). This is important as the RSI is a measure of momentum and if it stays above 50, the underlying momentum will likely provide some measure of support.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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