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Week Ahead Preview: 17th of February

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Europe stocks hit record high on strong earnings

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BRIC currencies mostly gain as US inflation rises

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Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

News

GBP/USD price may rally to multi-week high

News

EIA ups oil output forecast, but supply fears loom

Asset Watch

Are there any Tesla bulls left?

Thursday, March 28, 2024

It’s been a rough 2024 for Tesla, as the EV heavyweight has not benefited from investors’ AI enthusiasm. And with price cuts weighing on profit margins and vehicle deliveries suffering from macroeconomic headwinds, Bernstein was the latest firm to warn of further trouble. Its team of analysts wrote on Mar. 26:
“Tesla’s stock price remains high on almost every valuation metric compared to both traditional and higher-growth auto OEMs, and also looks expensive relative to its reduced growth expectations when measured against tech comps…
“Despite the stock’s underperformance YTD, we struggle to see a catalyst for TSLA. We expect tepid growth in 2024, as well as 2025, bringing into question the company’s growth narrative.”
While many on Wall Street expect more pain in the months ahead, do the technicals tell a different story?

Supporting the bull case, the barrage of analyst downgrades has had a lesser impact from a momentum perspective. Though Tesla surpassed its February daily closing low in March, its daily RSI rose from roughly 24 to 28. This positive divergence means that downside momentum has weakened recently, which is often a precursor to reversals.

 

Similarly, Tesla ended the Mar. 26 session above its 10-day moving average. Despite the bullish milestone being quite hit-and-miss over the last few months, it’s still a solid indicator of short-term momentum.

 

So, has all the bad news been priced in, or does Tesla see $150 before it sees $225?


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