Tesla Stock Price Forecast: Rebounds to $380 Ahead of Q3 Earnings, $400 Becomes Key Resistance
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Tesla's stock price rebounded, trading above $380 in pre-market following an October 20 close at $373.71, driven by a double bottom pattern near $350. Fundamental focus centers on Q3 2026 financial results, with expected revenue of $28.06 billion and adjusted EPS of $0.45, alongside automotive margins, free cash flow, and AI-related capital expenditures. Sustaining momentum above the $380-$390 resistance could target $400 and $450, while downside support rests at $370-$373, with deeper risks toward $350 if breached.
TradingKey - Recently, Tesla (TSLA)'s stock price showed a noticeable recovery following a continuous pullback in mid-October. On October 20, TSLA closed at $373.71, up 1.54%, reaching an intraday high of $377.59 with a trading volume of approximately 32.33 million shares; today (October 21) in pre-market trading, the stock price rose further above $380, up nearly 2%.
From a fundamental perspective, Tesla will report its third-quarter 2026 financial results after the U.S. market close on October 21. The market currently expects revenue of approximately $28.06 billion and adjusted EPS of about $0.45, with market focus primarily centered on automotive gross margin, free cash flow, and capital expenditures related to AI, Robotaxi, and Optimus. As the stock price is currently near the $380-$390 resistance range, this earnings report will directly impact whether the stock price can break through this resistance area.
Tesla stock price daily chart, Source: TradingView
From the daily chart of Tesla's stock price, the stock has formed a double bottom pattern near $350, significantly strengthening short-term bullish momentum. This has driven a continuous rebound over the past two trading days, and in today's pre-market trading, it even broke above $380, overcoming the resistance of the 144-day moving average.
Currently, if the stock can sustain its pre-market momentum after today's open and hold firmly above $380, it will further bolster bullish momentum, pushing the stock price to challenge the $390 resistance level. A strong breakout and consolidation above $390 would open up upside room toward the $400 mark.
It is worth noting that $400 is near the downward trendline formed by connecting previous candlestick highs. If the stock price can strongly break through and hold above this level, the next target on the upside is expected to be around $450.
On the downside, the primary support level below the stock price is at $370-$373. If the stock price falls below $370, it may test further down toward around $350; if this level gives way, the stock price could pull back toward around $300.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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