Tesla retreats to $174 two weeks after its earnings report

• Tesla (TSLA) has presented disappointing results since October 2023.
• TSLA's hopes are focused on creating more affordable models to produce them before the first half of 2025

Although the earnings report on April 23 was negative, Tesla investors raised the share price by 13%, trusting in Elon Musk's plans in the near future for the company, in a context where the electric vehicle market is increasingly competitive. Since this Monday, however, the share price has been declining, consolidating today, Wednesday, around $174.

Tesla bases its future success on cheaper models

Elon Musk's vision for next year focuses on creating more affordable models to produce before the first half of 2025. If Tesla can produce a car between $25,000 and $30,000, it would be cheaper than 87% of vehicles electric vehicles sold in the United States and could position itself as a sales leader.

Levels to consider in Tesla

Although Elon Musk's statements about the future of Tesla and the investors who trust him drove its share price to $198, it appears to have lost steam after two weeks as, at the time of writing, Tesla is trading at $174. We observe a near-term support area at $164 in confluence with price action and the 23.6% Fibonacci retracement. In the medium term we observe very important support at $100, given by the price action and the pivot points. The closest resistance zone is located at $205 (short-term ceiling recorded on February 27). Medium-term resistance is found at $300, in convergence with pivot points and the 61.8% Fibonacci retracement.

Tesla Daily Chart

Tesla Monthly Chart