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.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