Tesla (TSLA) stock closed last week at $313.03, down nearly 18% in five sessions and its steepest weekly loss since 2022. Two separate chart breakdowns now point to $296 as the next downside target.

The selloff erased the $350 support zone after second-quarter results paired record revenue with a steep profit miss. Early premarket quotes on Monday suggested a modest rebound attempt toward $321.

Earnings Miss Set Off the Slide

Tesla reported $28.24 billion in second-quarter revenue, up 26% year over year and above estimates. However, adjusted earnings of $0.33 per share missed the $0.51 consensus, and operating margin sank to 1.4%.

Capital spending jumped 142% to $5.79 billion as the company funneled cash into artificial intelligence,…