TSLA, RIVN and F Forecast – Automotive Stocks Soften Premarket

TSLA Technical Analysis

Tesla looks like it’s going to open up going lower by about $10 in pre-market trading. It is worth noting that all automotive stocks seem to be suffering, but Tesla has been especially beaten as of late. This is a market that is starting to test a potential support region right around $265, but we’ll have to wait and see whether or not that actually holds. As things stand right now, this is a brutal pullback, but we’ve seen Tesla do this in the past. This is really nothing new.

RIVN Technical Analysis

Rivian is likely to open up lower slightly, but quite frankly, this is a company that has been a bit of a disaster since the IPO. With that being said, we are just bouncing along the bottom, but it is worth noting that the recent earnings call was better than anticipated. So, there might be a little bit of interest in this market on dips towards the $10 level.

F Technical Analysis

Ford looks like it’s going to open up lower as well, as we are now below the $10 level. This does cause some problems for the market as a lot of institutions won’t be bothered with a stock that trades under $10. You can see that it’s been a gradual decline since 2022. But the latest earnings call was a little better than anticipated, and the dividend of 30 cents was just paid.

So, with that, we wait for the next earnings report on the 23rd of April. But as things stand right now, we are just trying to get back above the 50 day EMA, which doesn’t look like it’s going to be easy to do. So, this is a stock that I think might be in the process of trying to find its bottom, but it hasn’t found it yet.