Tesla shares gained 3.8% on Monday to close at $368.06, just under a key chart level, two days before third-quarter results. Wall Street expects earnings per share to fall 11.8%, and analysts have cut estimates more often than they have raised them.
Tesla stock gained 3.8% on Monday to close at $368.06 on Nasdaq, two days before the company reports third-quarter results. The close left the shares 65 cents below $368.71, the first resistance level on Finance Magnates' daily chart ahead of $432 and $451.
Tech rebound and SpaceX talk lift the shares
The gain came as technology stocks rebounded, with the Nasdaq Composite up more than 1%. Talk of a tie-up with SpaceX also kept circulating after Tesla unveiled its Roadster at a SpaceX test site in Texas last Thursday.
Barclays analyst Dan Levy sees a possible SpaceX merger announcement before the December 3 annual meeting, in an all-stock deal in which SpaceX would acquire Tesla, according to a Yahoo Finance report cited by Finance Magnates. Yahoo Finance added that the rally on its own does not show that talks are underway.
Separately, Tesla delivered 486,532 vehicles in the third quarter, 2.1% fewer than a year earlier but above the 469,000 that analysts expected.
A resistance band caps the rebound
Tesla has traded for more than a year between a $297.48 floor and a record high near $499 set in December 2025. The rebound since the July sell-off has added nearly 24%.
That rebound now meets a cluster of resistance, with the 200-day exponential moving average at $377.19 between $368.71 and $382.73. If buyers push a daily close above $382.73, Finance Magnates' next targets are $432.65 and $451.72.
Analysts cut earnings estimates
Tesla reports after the close on Wednesday. Visible Alpha consensus puts revenue at $28.04 billion, down 0.2%, and adjusted earnings at 44 cents a share, down 11.8%.
Cash is the weaker spot. The same consensus has free cash flow at negative $4.09 billion, with capital spending at $7.94 billion, up from $5.79 billion in the second quarter.
Analysts have been cutting rather than raising: 18 downward and four upward earnings revisions over the past 90 days. The average price target of $397.83 sits about 8% above Monday's close.
A rejection at $382.73, followed by a daily close below the 50-day EMA at $365.47, would point back to $336.74, the April low.
Source: Finance Magnates
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