Technical Update - Tesla, Netflix & TSM all lower after earnings. Corrections unfolding Technical Update - Tesla, Netflix & TSM all lower after earnings. Corrections unfolding Technical Update - Tesla, Netflix & TSM all lower after earnings. Corrections unfolding

Technical Update - Tesla, Netflix & TSM all lower after earnings. Corrections unfolding

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Tesla uptrend weakening and a correction down to 240 could be seen
Netflix top and reversal indicating larger correction
TSM rejected at resistance area. Short-term down trend unfolding

Tesla opening lower on the back of Earnings release After Hours Wednesday.  Uptrend has been strong but is now weakening as indicated by RSI divergence on daily chart.
With the gap lower support at around 265.10 could be tested. A close below could see Tesla testing support at 240.70.

Medium-term the uptrend is intact until a close below 240.70. A dip down below 240.70 is not unlikely but if closing below the Medium-term trend is in jeopardy.

However, if the uptrend persists Tesla could medium-term i.e., in August-September move to resistance around 313-314.

Source all charts and data: Saxo Group

Netflix is trading lower after Earnings release yesterday.
The Candle formed during Wednesday trading session is called a Doji (Open and close at almost same price level) and is likely to signa a top and reversal. If price action during today’s trading session is not closing the gap from Wednesday’s close regard the candlestick pattern as an Evening Doji top and reversal pattern.
Combined with RSI and MACD divergence it is a strong top and reversal indicator.

A correction down to the top of the strong support area at around 414.75-409.54 seems likely. A close below is likely to establish a down trend that could take Netflix even lower short-term

A close above the peak of the Doji i.e., above 483.39 will cancel the top and reversal pattern and extend the uptrend.

The medium-term uptrend would still be intact despite a correction down to 414 level.
Strong support gap area around 397.48-379.43 – see weekly. A closing of the gap i.e., a close below 379.40 is needed to demolish the medium-term bullish picture.
Rising 21, 55  and 200 Moving Averages are supporting the underlying bullish trend.
However, if Netflix closes below 379.40 the medium-term bullish trend is likely to be reversed.

TSM (Taiwan Semiconductor) has been in decline since TSM got reject at around 108- 110 and has opened lower just above support at around USD98.
If closing below 98 the Gap area could come under pressure.
RSI divergence back from June is still in play meaning TSM could perform a correction/trend reversal.

The medium-term picture (weekly chart) is a bit indecisive with higher closes i.e. uptrend intact but with RSI divergence. A close below 94.25 will demolish the bullish picture.

However, the 21, 55  and 200 weekly Moving Averages are all rising and will provide support, and the 55 could cross over the 200 when they are both rising in a few weeks’ time. If that occurs the two Moving Averages will form a Gold Cross indicating higher levels.

A close above 110.85 will fuel a move towards 2021-2022 peaks around 145. First indication the uptrend would resume is a close above 107.30 and RSI closing above its falling trendline

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (
- Analysis Disclaimer (
- Notification on Non-Independent Investment Research (

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.