Tesla stock has come under pressure in the past few days. After peaking at $384 last week, it pulled back to $372 as investors remained concerned about its business. This article highlights some of the top catalysts for the stock this week.
Tesla to release its third-quarter deliveries data
A crucial catalyst for the stock is its third-quarter delivery numbers, which will provide hints on its business. These numbers are expected to provide hints on whether its business is doing well or not.
Expectations are that its third-quarter deliveries retreated from the previous quarter. Goldman Sachs recently slashed its delivery targets from 490,000 to 435,000, while Barclays analysts see the figure coming out at 475,000. Kalshi traders see the figure coming in at 479,000.
Tesla’s deliveries are being helped by the ongoing US-Iran war, which is not showing signs of ending any time soon. The war has led to a surge in diesel and gasoline prices in its key markets.
As a result, many vehicle buyers are considering buying electrice vehicles, which are cheaper to maintain. However, in China, its key market, competition from companies like BYD and Nio has jumped, with the cost of doing business remaining at an elevated level.
Tesla to release its Roadster vehicle
The other important catalyst for the stock is the upcoming Tesla Roadster vehicle. Tesla unveiled this vehicle in 2019 and started to take deposits. After years of delay, the company will hold an event to launch the vehicle this year.
In its first event, Elon Musk said that the price would start at $200,000, with the Founder’s edition going for $250,000. It is unclear whether the company will adjust the pricing since the cost of doing business has jumped.
Tesla may also make some more announcements during this event, which will help to boost its performance.
Bitcoin price has a minor impact on Tesla
Another minor catalyst that may affect Tesla is Bitcoin. Tesla is still one of the biggest Bitcoin holders in the market, with 11,509 coins that are currently valued at $973 million. It spent about $386 million in buying these coins a few years ago.
Bitcoin has rebounded in the past few months, moving from the July low of $57,300 to the current $84,000. This rebound has coincided with the ongoing Bitcoin ETF inflows and futures open interest.
Tesla stock technicals are sending mixed signals
The daily chart shows that the TSLA stock is sending mixed signals. On the daily chart, the stock has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls have prevailed. It has also formed a megaphone pattern, which often leads to a bullish continuation.
On the other hand, the stock has formed a bearish engulfng pattern, which happens when a bearish candle follows and covers a smaller bullish one. This pattern suggests that a reversal, potentially to $300 may happen.