Tesla Stock Price Heads For A Critical Retest Amid Expectations Of Declining Q2 Deliveries

Tesla stock (NASDAQ: TSLA) hangs by a thin thread as the price hovers in a critical zone. Multiple confluences make the current price levels extremely significant, putting a major move on the cards. In this article, we will try to predict the direction of this move, which might come very soon.

The benchmark indices of US stock markets are hovering at record highs and aiming for more upside. However, the uncertainty around the imminent rate cuts is keeping the prices of major stocks in check.

The ongoing rally seems to be driven by Nvidia and a few other major equities, while the broader market, including Tesla shares, is not performing that well. During the yearly timeframe, TSLA has been down 27.87% since the start of this year, and the outlook is not looking very bullish.

Tesla Investors Align For Downbeat Q2 Deliveries

As per the latest Tesla news, Teslike is expecting a major decline in Tesla Q2 deliveries in 2024 compared to Q2 2023. In the last year, the company reported 466,140 deliveries. Although the Q2 deliveries are expected to remain above 400,000 this year, Teslike still expects the figure to be ‘well below’ 466,140.

On the other hand, as per recent reports, the Tesla delivery center in Beijing‘s Crab Island recorded its highest single-day delivery volume on Sunday. However, these reports are still to be verified. If true, this surge could be attributed to the recent price cuts on the company’s best-selling Model Y EV.

Tesla Stockholders To Vote On Musk’s Pay Package

Tesla stockholders are set to vote on Elon Musk’s pay package and other proposals at the June 13 meeting. Considering the gravity of the situation, the proxy advisory firm Glass Lewis has advised the shareholders to vote against Musk’s proposed compensation plan of $46 billion. According to the firm, the package could dilute the stock holdings of investors.

Tesla Stock Price Prediction & Latest Forecast

Technical analysis reveals that NASDAQ: TSLA is standing at a very critical point. The confluence of the 50-day MA, $180 support, and the downward trendline make the current price action very significant. On the one hand, a breakout from the trendline could lead to a huge upside, but an acceptance below $180 support could make Tesla stock price prediction very bearish.

The final line in the sand will be the $171.45 support, which must be held to avoid a downside push below $158, where lies an unfilled price gap also known as an imbalance.