The Long Investor

$TSLA TOP 20

Added 2024-04-07 11:17:37 +0000 UTC

What an emotional rollercoaster it was for $TSLA on Friday.....Reuters announced that $TSLA had scrapped its low cost model that was widely anticipated to help grow $TSLAs numbers....only to be countered by Elon, who said their report was a lie.

Reuters report sank the share price and it was dangerously close to losing the $160 level, which was the previous low....losing this level and it would be almost certain that the price was going down to $152 or lower still to $144 which is the 0.78 Fib.

Elon jumped in again to try save the day and said that $TSLA would reveal their robotaxis on the 8/8 (he did not not specify which year, which many had asked to confirm)....Elons save was not by chance, he is very much aware how weak the share price is behaving right now.

My thoughts: Reuters probably are not lying but it may not be fully confirmed that they are scrapping their low end new model.

and

$TSLA have until August now to make a working prototype for their Robotaxi....I believe, this can be done in that time frame...but they are now under enormous pressure to deliver...but it has kicked the can down the line and bought some time.

$TSLA for me is not a buy right now until strength is back....a breakout of this wedge to the upside may cause a relief rally however.