Tesla Towards September High

Tesla (TSLA): Towards September High

Tesla (TSLA) will release Q3 results on October 21, with an adjusted EPS median forecast of $0.59, according to Bloomberg.

On October 2, Tesla reported better than expected Q3 deliveries, which rose 44% on year to 139,300 units (129,950 units estimated), surpassing its previous record of 112,000 units in Q4 2019.

Investors would also keep an eye on whether the electric vehicle giant would maintain its full-year delivery target of 500,000 units, with 318,350 units achieved in the first nine months.

From a technical point of view, an upside breakout is expected for Tesla as shown on the daily chart. It has formed a bullish one-day reversal candlestick on September 24, when it reached a rising trend line drawn from June. The level at $385 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $462 and $503 respectively.

Source: Gain Capital, TradingView

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