Market Analysis: TSLA Stock Price Breaks 2023 Trend

<img src="https://images.unsplash.com/photo-1585011650347-c59dbef5a823?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDR8fHRlc2xhfGVufDB8fHx8MTY5NzcwNjMxMnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: TSLA Stock Price Breaks 2023 Trend" /><p>According to the earnings report published yesterday:<br>→ Tesla&apos;s revenue for the 3rd quarter amounted to USD 23.35 billion, expected USD 24.18 billion;<br>→ earnings per share amounted to USD 0.66, expected USD 0.73.</p><p>That is, the actual numbers turned out to be worse than forecasts. But the main negative can be considered the statements of Elon Musk, according to which:<br>→ investors&apos; expectations from Cybertruck should be moderated; it may take from a year to 18 months for a positive effect from this product. Although the company already has about 1 million applications, the company will be able to start producing about a quarter of a million cars per year approximately in 2025;<br>→ the company is currently pausing the construction of a plant in Mexico;<br>→ the policy of high interest rates has a great impact on the activities of both the company and the global economy.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/193.png" alt="Market Analysis: TSLA Stock Price Breaks 2023 Trend" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/193.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/193.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/193.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/193.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>In response to the report, TSLA&apos;s share price declined. In the premarket on the morning of October 19, the share price is slightly above USD 231, although at the beginning of the week trading was above USD 255, and yesterday the closing price was above USD 242.</p><p>At the same time, it can be observed that the breakdown of the lower boundary of the ascending channel is becoming more and more obvious. The bullish trend (shown in blue) for 2023 did not hold. There were two bounce attempts (shown by arrows), but the second one demonstrated worse dynamics (the dead cat bounce pattern).</p><p>Now the downward channel, the contours of which are indicated in red, becomes relevant. Wherein:<br>→ the opening price today can be fixed near its median line;<br>→ if the dynamics continue to be bearish, then the price of TSLA may reach important support at USD 215 this year.</p>