TradingKey – Tesla (NASDAQ: TSLA) is currently trading at $394.35. The stock is hovering over the ascending trendline as well as the 0.618 Fibonacci retracement of $395.06. Tesla fell 7.49% on July 2nd despite having the Q2 2026 deliveries report that better than expected. Tesla reported 480,126 deliveries compared with the consensus of 406,024, or a beat of 74,102 or 18%. This is Tesla’s best Q2 ever by 25% year-over-year and 34% higher than Q1’s deliveries of 358,023.

The price drop was more a result of profit taking from the run up ahead of the report, more competition from BYD that has taken the top global EV sales spot back from Tesla, as well as Tesla’s elevated valuation of 204 times forward earnings which is more about AI…