Analyst Predicts $380 Rebound for Tesla Stock After Disappointing Robotaxi Event
Analyst Predicts a Recovery This Month
Electric vehicle (EV) manufacturer Tesla (NASDAQ: TSLA) saw its shares take a sharp 9% dive on October 11, wiping out $67 billion from its market value after the highly anticipated Robotaxi event.
Market Response Post-Event
Investors were left underwhelmed by Elon Musk's ambitious plans for a self-driving "Cybercab" fleet. This disappointment triggered a steep decline in Tesla stock, making it the worst performer on the S&P 500 on that day.
- Potential for Recovery: Some analysts predict a rebound to $380 if investor confidence is regained.
- Expectations were high, but lacked critical technical details.
- Musk unveiled the Cybercab without a steering wheel or pedals, with production projected for 2026.
Sales Performance and Technical Analysis
Despite the excitement surrounding Tesla’s innovation, mixed sentiments emerged after the company's Q3 deliveries fell short of expectations. The stock's performance aligns with a broader trend identified in recent months, with resistance levels intensifying.
- Stock remained below the 50-day moving average.
- Support seen at the 100-day moving average.
- Breaking the resistance trendline is crucial for a further rally.
Future Outlook
If Tesla can breach the significant resistance levels, a rebound to around $380 could occur, indicating renewed bullish momentum. However, failure to maintain above key support levels could signal further downside risks.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.