Analyst eyes $380 rebound for Tesla after disappointing Robotaxi event

Core Viewpoint - Tesla's shares experienced a significant decline of 9% on October 11, resulting in a loss of $67 billion in market value, following the "We, Robot" event where investor expectations were not met [1][3]. Group 1: Event Impact - The "We, Robot" event showcased Elon Musk's plans for a self-driving "Cybercab" fleet, but lacked the technical details investors were hoping for, leading to disappointment [1][3]. - The Cybercab is projected to be a two-seater autonomous vehicle with a price tag under $30,000, pending regulatory approval, and is expected to begin production by 2026 [3]. - Analysts described the event as "underwhelming" and criticized it for being "mostly razzle-dazzle" with little substance, which contributed to the stock's decline [3][4]. Group 2: Analyst Perspectives - Some analysts maintain an optimistic outlook, suggesting that if Tesla can regain investor confidence, the stock could rebound to $380 [2][5]. - Despite the recent drop, there are indications that Tesla could recover, particularly if it holds above key support levels such as the 100-day moving average (MA100) and the $195 to $203 support zone [4][5]. - The stock's technical analysis indicates a potential upward channel formation, which could signal a broader bullish pattern if the long-term resistance trendline is broken [4][5]. Group 3: Technical Analysis - Tesla's stock has faced multiple rejections from a long-term trendline of "lower highs," which has historically triggered pullbacks since its all-time high in November 2021 [4]. - The recent bearish trend has seen the stock test critical moving averages, with the MA100 acting as a strong support level [4]. - Analysts emphasize the importance of breaking through the long-term resistance trendline for a potential recovery to $380, while cautioning that failure to hold above key support levels could lead to further declines [5].