Tesla (TSLA) shares dropped after hours as its earnings fell short of expectations. CEO Elon Musk warned of “rough quarters” ahead as federal EV incentives fade. Earlier this month, former President Trump targeted subsidies for Musk’s companies, adding to investor concerns.
Despite rebounding 55% from April lows, Tesla stock is still down 18% this year, partly due to Musk’s clash with Trump over EV tax credits.
Key chart levels to watch
Tesla’s stock has been stuck in a symmetrical triangle pattern, with resistance near the upper trendline before earnings. After-hours trading pushed shares down 4% to around $318, below key moving averages.
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Support levels:
- $292 – Near the triangle’s lower trendline, a key zone from March-July.
- $265 – Aligns with a long-term trendline from 2023 highs.
- $225 – Major support near March/April lows.
Resistance to watch:
- $365 – A breakout target near the triangle’s top and February highs.
Investors will watch these levels as Tesla navigates Musk’s warnings and shifting EV policies.
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