Mish’s Daily: Tesla Reports April 19-What to Look For

2 years ago 447 views 4 min read

Michele “Mish” Schneider

Director of Trading and Education

MarketGauge.com

Mish’s Daily: Tesla Reports April 19-What to Look For

Written by Michele ‘Mish’ Schneider

After recent price cuts and low expectations of only $.85 per share or a 20% drop since a year ago, many eyes will watch Tesla after the close.

Tesla, always controversial, can either beat those low expectations and provide a low risk buy opportunity against major moving averages,

With Musk on a call shortly thereafter the numbers are published, he can just as easily talk the price down.

Regardless, it is always about the expectations and forward guidance, regardless of how many analysts chime in ahead of time with their predictions. That of course, and the price charts.

The first chart is a Daily timeframe.

The divergence between momentum and price is most interesting.

While our Real Motion says bullish phase and the indicator sits right on the 50-daily moving average, the price says bearish phase.

A move over the 50-DMA in price or 192.50 would be compelling based on the better momentum.

On the weekly chart, price is better than momentum.

The $177 level is big support to hold based on the 200-WMA. Momentum is in a bearish phase while price is in a caution phase.

Hence, a move over 192.50 could take price up to around 215 next. Under 177 we could see 120-125 just as easily.

In between? Just like the rangebound market- tough call.

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