Tesla Stock Breaks Down After 18% Plunge, Charts Point to $296 Target

Tesla (TSLA) stock closed last week at $313.03, down 18% in five sessions—its steepest weekly loss since 2022. The selloff was triggered by second-quarter earnings that missed profit forecasts: adjusted earnings of $0.33 per share fell short of the $0.51 consensus estimate, though revenue of $28.24 billion beat expectations with 26% year-over-year growth.

Technical analysis now points to $296 as the next downside target. On July 23, the day after earnings, TSLA broke below the $350 support zone and the lower boundary of a three-month descending channel on the daily chart. The measured move from this breakdown projects a target of $296.16, roughly 5% below Friday's close and just under the key weekly trendline.