In the financial markets, Tesla's (TSLA) shares have experienced a downturn in premarket trading following two consecutive days of losses. Investors are reassessing the stock's significant rally post-election and looking forward to the company's upcoming fourth-quarter deliveries report. Analysts anticipate that the deliveries will show a 10% increase from the previous quarter and a 5% improvement year-over-year, with projections around 510,000 units. Since the election, Tesla's stock has surged over 70%, fueled by expectations of CEO Elon Musk's growing influence in Washington and its potential benefits for the company's autonomous driving initiatives. However, recent market sentiment suggests a consolidation phase, with key support levels at $360 and $300.

Details of Tesla's Market Performance and Future Outlook

In the crisp early morning hours before the market opened, Tesla's stock was down approximately 3%, trading near $419. This decline comes after nearly a week of volatility, where the stock fell almost 7% over two sessions. The anticipation surrounding the expected Thursday release of Tesla's fourth-quarter deliveries report is contributing to this fluctuation. Analysts predict that the deliveries will showcase solid growth, reflecting the company's continued expansion in the electric vehicle sector.

The chart pattern indicates a pennant formation, signaling a potential continuation of the current upward trend. A measured move analysis suggests a price target of $615, based on the distance of the preceding bullish movement. For investors watching the market closely, key support levels around $360 and $300 should be monitored during any pullbacks. These levels could provide insight into future price movements and investor confidence in Tesla's long-term prospects.

From a broader perspective, major index futures also showed weakness, with Dow Jones Industrial Average futures down 0.6%, S&P 500 futures off 0.8%, and Nasdaq 100 futures similarly declining by 0.8%. This general market sentiment underscores the cautious approach investors are taking as they await critical data from leading companies like Tesla.

As an observer of these market dynamics, it's clear that Tesla's performance continues to captivate investors and analysts alike. The upcoming deliveries report will likely serve as a pivotal moment, offering insights into the company's operational efficiency and market positioning. For investors, staying attuned to these developments can provide valuable guidance for making informed decisions in a rapidly evolving market environment.