TESLA INC. (NASDAQ:TSLA): Tesla stock tumbled despite the Q2 2023 earnings beat and Musk's assurance that Cybertruck demand "so far off the hook"

 


Tesla bulls were scratching their heads and trying to figure out why their stock was tanking on Wednesday, following the Tesla Q2 2023 earnings announcement.

According to CNBC, Tesla continues to dominate the U.S. EV market with a 60% market share, but it came down 10 percentage points from the same period last year, as pressures from competitors intensify. Elon Musk reassured investors at the earnings call that "Tesla Cybertruck demand so far off the hook, you can't even see the hook". Technically, the stock could bounce off from here or head down to retest its 50-day EMA, or the key resistance level at $248.70.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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