TSLA well on it's way now to testing that 225 support area. I think the macro's will help with that this week. The S&P and Nasdaq both I think are going to pull back another 2-3%. If macro's really want to test the uptrend line (which I do think they should do, it's much healthier for the market), then it's more likely they pull back more like 5-6% each.
Btw, I think some people seriously need to temper any expectations for Highland having any sort of impact this year. We have the "source" information last week where it sounded like Highland won't be doing any meaningful production until Q4, possibly early next year. And now according to WuWan, volume production on Highalnd won't start until Q1 2024. Tesla's about 1 quarter behind where most of us thought there were with Highland which was production in Q3, volume production by Q4.
I would assume demand for current Model 3 is going to dry up the second the publicly show Highland and the current Model 3 to continue to be under pricing pressure for Q3. So expect the continued bear narrative to be the overwhelming pushed narrative for TSLA for Q3 and possibly Q4, depending on how Cybertruck initial production goes.
2024 is really shaping up to be one hell of year for TSLA but Tesla the company continues to do no favors for TSLA in the short term so I expect tons of chop and consolidation for TSLA for the next 4-5 months. I do think Dec, possibly late Nov, will mark the start of a very big rally for TSLA with the ATH being the short term peak before the next consolidation period.
It should be pointed out though that the latest new out of GigaMexico is a pretty major delay. I'll try and look up the source but it says production won't be started until 2025. That's a major delay from just a few months ago where it was stated the goal was to recreate GigaShanghai construction/production speed and was for cars to be coming off the lines by summer 2024.
Btw, I think some people seriously need to temper any expectations for Highland having any sort of impact this year. We have the "source" information last week where it sounded like Highland won't be doing any meaningful production until Q4, possibly early next year. And now according to WuWan, volume production on Highalnd won't start until Q1 2024. Tesla's about 1 quarter behind where most of us thought there were with Highland which was production in Q3, volume production by Q4.
I would assume demand for current Model 3 is going to dry up the second the publicly show Highland and the current Model 3 to continue to be under pricing pressure for Q3. So expect the continued bear narrative to be the overwhelming pushed narrative for TSLA for Q3 and possibly Q4, depending on how Cybertruck initial production goes.
2024 is really shaping up to be one hell of year for TSLA but Tesla the company continues to do no favors for TSLA in the short term so I expect tons of chop and consolidation for TSLA for the next 4-5 months. I do think Dec, possibly late Nov, will mark the start of a very big rally for TSLA with the ATH being the short term peak before the next consolidation period.
It should be pointed out though that the latest new out of GigaMexico is a pretty major delay. I'll try and look up the source but it says production won't be started until 2025. That's a major delay from just a few months ago where it was stated the goal was to recreate GigaShanghai construction/production speed and was for cars to be coming off the lines by summer 2024.
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The longer the base.....
