Tesla share price opened higher this Tuesday after its 2nd quarter earnings of $1.45 per share blew the expectations of $0.98 per share out of the water. This was also an improvement over the $0.44 per share earned in the same period a year earlier.
The company delivered 201,304 vehicles, up from 90,891 a year earlier. Production also rose from 82,272 a year ago to 206,421. Revenue also rose from $6.04 billion to $11.96 billion (versus consensus of $11.4 billion), despite a fall in the average selling price of Tesla vehicles by 2% year on year.
All these occurred despite a global shortage of semiconductors and port hindrances. Forward guidance provided by the company is for 50% average annual growth in vehicle deliveries on a multi-year horizon.
As of writing, Tesla stock price has dipped by 1.96% as the company says that the ongoing shortage in chips could be a headwind against the production of its Cybertruck and the Semi versions.
Technical Levels to Watch
The intraday dip in Tesla stock price is testing the ascending support trendline and the 654.12 support. If these levels are taken out, the pathway towards the 600.84 price mark is opened, save for the 628.76 pitstop. Below this level, 564.57 and 541.18 are additional support targets.
On the flip side, a bounce on the ascending trendline enables Tesla stock price to aim for 693.75 initially. Additional barriers at 725.47 and 743.70 only come into the picture on a solid price advance.