Trading Insights: Wall Street is brutal, Tesla beats earnings by 13.72%, stock drops as much as -5%
Tesla beat earnings estimates by $0.11 cents and the share price dropped as much as -5% in premarket trading!
Is the post-earnings Tesla share sell-off justified?
Well, considering Tesla shares have advanced +130% year to date, perhaps the positive earnings were the excuse for some investors to take some profits off the table? In other words, maybe those investors deep in the month see the good news as an opportunity to get out while price is near year-to-date highs... they could be right or they could be wrong.
Source: Trading view July 20 2023 8:19 UTC
Today’s Price Action Spotlight:
Gold bullish conditions above key resistance
Gold current price $1,980 suggested a possible new bullish cycle in the workings. Price has cleared above the $1,970s key resistance area, price is above its 40 day moving average, higher tops and higher bottoms seen on price (June 29th - July 20th price sequence). Next challenge seen near the $1,996 area, which if price can overcome, could open a path toward a retest of the 13 week highs near $2,059. Downside risk spotted around the $1,850s (see chart)
Today’s economic calendar
Source: TradingView / J. Knobel July 20 2023 6:57 AM UTC
US Nat Gas inventories on deck at 2:30 UTC
US Nat Gas price +11% last 90 days with current price $2.58. Key support spotted around $2.06. Upside towards $3.15 can not be ruled out provided price can remain within the multi-month upward sloping price channel (see chart). Downside risk seen below the $2.06 key support.
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Not investment advice. Past performance does not guarantee or predict future performance.
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