Tesla drops 10% and takes out March low

Share price of Tesla (TSLA.US) is under pressure today following release of a lackluster earnings report for Q1 2023. Company reported an over-20% drop in profit compared to a year ago quarter as underutilization of new factories and higher costs put pressure on margins. Stock launched today's cash trading almost 7% below yesterday's cash close. However, this was not the end of woes for stock as it continued to slide as the session progressed. Stock is now trading over 10% lower on the day and trades at the lowest level since end-January, after taking out March low near $164.00 mark. Note that $164 support zone also marks the neckline of a double top pattern - a bearish technical pattern - and a decisive break below could hint at a period of further weakness.

Tesla (TSLA.US) at D1 interval. Source: xStation5

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