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The Fundamental Background Around the Tesla Inc. Remains Negative

12/12/2022 3:02 PM

Shares of Tesla Inc., the world's leading manufacturer of electric cars, continue their global correction, trading at 179.00.

Recently, the news background around the company has had a negative connotation. Thus, it became known that the Canada Pension Plan, one of the largest pension funds in Canada, significantly reduced its investments in Tesla Inc. according to the MarketWatch agency, for the last quarter, the share reached 368.9 thousand shares, which is almost two times lower than in the middle of summer. The organization may have reacted to the first drop in car sales in China in the past six months by 9.5% to 1.67M units. According to the agency S&P Global Mobility, the issuer's market share is steadily decreasing, amounting to 65.0% in the third quarter instead of 71.0% in the same period last year. In 2020, the value reached 79.0%, and by 2025 it may fall to 20.0%.

Tesla Inc. is already preparing a Q4 report, to be published on January 25, 2023: according to preliminary forecasts, revenue could reach a record 26.67B dollars, and earnings per share will reach 1.05 dollars after a not-so-good last quarter.

On the four-hour chart of the asset, the quotes are moving within the sideways corridor, reversing at the support line.

Technical indicators have given a buy signal: fast EMAs on the Alligator indicator move away from the signal line, and the AO oscillator histogram forms upward bars.

Resistance levels: 182.30, 195.00. | Support levels: 176.80, 167.60.

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