Tesla registrations in California fell 21.1% in the Q2. Earnings tomorrow after the close

Tesla registrations in California fell 21.1% in the second quarter. These values are being reported by the California New Car Dealers Association.

Tesla shares are still up $4.50 or 1.32% on the day

Earnings will be announced tomorrow after the close. The expectations are for

Earnings Per Share (EPS):

• Expected: $0.39

• Year ago: $0.52

• Change: ↓ 25.0%

Revenue:

• Expected: $22.28 billion

• Year ago: $25.5 billion

• Change: ↓ 12.6%

Last quarter, EPS came in at $0.27 on revenues of $19.34 billion.

Shares have posted a strong rally this quarter, climbing from around $238 (just before April earnings) to the current level near $332 — a gain of just under 40%. At one point this quarter, the rally extended all the way to $367.71 before sellers stepped in, leading to a pullback.

Looking at the hourly chart, the price has rebounded above both the 100-hour and 200-hour moving averages, currently at $312.61 and $319.63, respectively. To shift the short-term technical bias back in favor of sellers, the price would need to break below both moving averages. Below that, an upward-sloping trendline comes into play near $299 (or round it to $300). A break of that trendline would likely open the door to deeper downside pressure.

On the upside, a downward-sloping trendline offers resistance near $345 (and trending lower). A break above that level would have traders eyeing the midpoint of the range since the December high, which comes in at $351.39. Further bullish momentum could then target the June high at $356.25.

In short, the stock is caught between well-defined support and resistance, and the next directional shove will depend on which side gives way, and that shove has the earnings to look toward.

Fundamentally, it was reported earlier today that Elon Musk is back to 24/7 and sleeping at the Tesla headquarters. He has been largely quiet of late, as the social media squabble between Trump and himself has died down. The CEO and founder is back to carrying the company full-time as it weathers the storms.