Tesla (TSLA.US) stock fell over 3.0% on Monday despite Berenberg upgraded EV maker to buy from hold saying that latest price cuts are part of a broader strategy and that battery cell production is another opportunity for the company to scale. Berenberg expects Tesla to retain its gross and EBIT-margin lead over legacy carmakers and in analysts opinion stock has fallen enough to start buying. On the other hand Berenberg cut its earnings estimate for Tesla by around 25% for 2023 and lowered the price target to 200, down from 255.
Meanwhile one of Tesla's competitors - Lucid Group (LCID.US) shares dropped more than 5.0% during today’s session, erasing part of massive 98% rally which took place on Friday, sparked by Bloomberg who highlighted speculation by Betaville that Saudi Arabia's Public Investment Fund (SAPIF) is considering taking the electric vehicle company private.
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Tesla (TSLA.US) stock jumped 33% last week, however today's upward rally lost some of its steam. Nevertheless as long as price sits above major support at $174.50, which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020, another upward impulse may be launched. Source: xStation5
Lucid (LCID.US) stock pulls back on Monday after a record rally, as buyers failed to break above key resistance at $18.30, which is marked with upper limit of the 1:1 structure and 23.6% Fibonacci retracement of the downward wave started in November 2021. Price is testing local support at $12.01 which is marked with previous price reactions. Should break lower occur, next support to watch is the earlier broken downward trendline. Source: xStation5
