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Tesla Stock Price Forecast: After 14% Post-Earnings Slump, Can Pre-Market Rebound Reverse Weakness?

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AuthorAlan Long

Jul 24, 2026 12:37 PM

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As of pre-market trading on July 24, Eastern Time, Tesla showed a modest rebound following a 14.52% decline on July 23, driven by disappointing Q2 earnings and rising capital expenditures. While current buying suggests a technical correction, the overall trend remains bearish after breaking critical support at $350. Sustaining above the $310 support level is essential for a potential rebound toward $350. Investors should monitor $350 and $370 as key resistance levels for a trend reversal; failure to hold $310 risks further downside toward $300 and $260. The technical structure remains weak despite short-term stabilization.

AI-generated summary

TradingKey - As of pre-market trading on July 24, Eastern Time, Tesla ( TSLA )'s stock price saw a corrective rebound after yesterday's plunge. On July 23, Tesla stock closed at $319.69, down 14.52% from the previous trading day, with its market value shrinking significantly in a single day, primarily driven by a market sell-off triggered by second-quarter earnings missing expectations, rising capital expenditures, and cash flow pressures.

Looking at today's pre-market trend, Tesla rose over 1% at one point during pre-market trading, indicating that after yesterday's rapid decline, some short-term capital is starting to buy at lower levels. However, this rebound looks more like a technical correction following a plunge and does not mean that the trend has completely reversed.

tsla-21b1c45da3a64dab807bc5a4b51aece2

Tesla weekly stock chart, Source: TradingView

From a technical perspective, Tesla broke straight through its previous support level near $370 yesterday and further breached the $350 psychological level, indicating that short-term bearish forces are clearly dominant. However, the stock price rebounded slightly in pre-market trading today, suggesting that the panic from yesterday's plunge has eased somewhat, though the technical structure remains weak.

Currently, the stock price has fallen near the SMA144 level, around $310. If today's closing price can hold steady above $310, Tesla's stock price is expected to start a short-term technical corrective rebound, with the primary target of testing the $350 level upward. If the stock cannot regain and stabilize above $350, the short-term rebound may still just be an oversold correction rather than a trend reversal. Only by reclaiming $350 and further breaking through $370 can Tesla's stock price open up upside potential to above $400.

On the downside, if today's closing price falls below $310, attention needs to be paid to the $300 psychological level. If this level is breached, the stock price could slide deeper toward the support level around $260.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.

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Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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