From TradingView · · 2m
Tesla Stock Tests $352.84 Support as Volatility Rises
Tesla's stock dips to $354.72 after five losing sessions, testing a key support level.
In brief
Tesla's stock dips to $354.72 after five losing sessions, testing a key support level. Tesla's stock closed at $354.72, $1.88 above its $352.84 range floor, after five consecutive declines and elevated volatility. Originally reported by TradingView.
Tesla Stock Performance
Tesla closed at $354.72 on October 16, down 2.13% for the day and 7.31% for the week after a five-session losing streak.
Trading Range Expansion
Friday's $21.17 trading range from $370.50 to $349.33 equaled about 5.97% of the closing price and was the widest of the past 50 sessions.
Volume Surge
Trading volume reached about 62.1 million shares, roughly 72% above the 36.2 million average of the previous 30 sessions and the third-heaviest volume of the period.
Range Floor Stability
All 34 closes since August 31 have remained between $352.84 and $382.70, with Friday finishing only $1.88 above the lower edge of that range.
Moving Averages
Tesla's 20-day SMA sits near $370.33 and its 50-day SMA near $359.46, leaving Friday's close below both moving averages.
Third-Quarter Deliveries
Third-quarter deliveries reached 486,532, beating the company-compiled consensus of 461,974 by 24,558, while remaining about 2.1% below the same quarter a year earlier.
Earnings Report Timing
Tesla reports third-quarter results after the US market close on Wednesday, October 21, with the range floor and elevated volatility making earnings the next major test.
Roadster Demonstration
Elon Musk unveiled the next-generation Roadster during a livestream from a SpaceX test facility in Texas, where the car launched up a ramp, flipped in midair and landed on its wheels.
Price Action
Tesla fell 1.22% on October 12 to $378.03, 0.74% on October 13 to $375.23, 2.15% on October 14 to $367.16, 1.29% on October 15 to $362.44 and another 2.13% on October 16 to $354.72.
Technical Setup
TSLA has traded within a relatively well-defined closing range for more than a month, with Friday's close finishing $1.88 above the lower edge of the $352.84 to $382.70 range.
Volatility Impact
The Nasdaq Composite fell 2.1% on Friday to 26,140.03 and lost 4.5% for the week, its worst weekly decline since June.
Risk Implications
Tesla faces three key risks: earnings on October 21, broader technology-sector weakness, and the $352.84 range floor itself.
The short version
Tesla's stock closed at $354.72, $1.88 above its $352.84 range floor, after five consecutive declines and elevated volatility.
