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Watch These Tesla Price Levels as Stock Shifts Gear After Soaring in 3rd Quarter

1. Tesla shares fell despite positive delivery reports, indicating profit-taking by investors. 2. A bearish engulfing pattern warns of potential declines in TSLA stock price. 3. Critical support levels noted at $367 and $292, with resistance at $489 and $660.60. 4. Investor optimism remains due to Tesla's advancements in AI and autonomous driving. 5. Earnings report scheduled for October 22 may re-influence stock performance.

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FAQ

Why Bearish?

The formation of a bearish engulfing pattern often precedes downturns. Similar patterns have historically led to significant price corrections for TSLA.

How important is it?

The article discusses technical indicators and investor behavior that are critical for short-term trading decisions affecting TSLA.

Why Short Term?

The imminent earnings report could trigger volatility, influencing TSLA's price swiftly. Past earnings announcements have caused sharp price movements.

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