Robotaxi delays and cash burn concerns drag Tesla downTesla, Inc.BATS:TSLAinkicho_exnessTSLA | 4H Technical Analysis — Jul 29, 2026 Deutsche Bank cut its price target on Tesla from $465 to $420, stating that Robotaxi expansion, particularly Optimus supply chain scaling, appears to be progressing more slowly than expected, and that the company is entering a difficult period where meaningful results by year-end appear unlikely, with cash burn expected to increase significantly. SpaceX also declined 1.36% despite a successful Starship V3 launch, as the lock-up expiry of 911.5M shares on August 6 and Q2 earnings on August 4 keep investors cautious. TSLA has been in a broad distribution since the May highs near 450, and the structure has deteriorated sharply in recent weeks. Price is currently trading around 307, with EMA21 (346.35) well below EMA78 (381.49) in a confirmed bearish configuration, and both EMAs trending lower. The 400 level, which had been the key pivot throughout the May-July range, has now been decisively broken. The most recent leg lower has been particularly aggressive. Price broke through 370, gap down significantly to 337.50, and is now consolidating just above the 300 psychological level after a cascade through support. RSI at 21.23 is deeply oversold, the lowest reading on the entire chart and well below the 30 threshold, which is a level that has historically preceded sharp technical bounces even within ongoing downtrends. The 300 level is the immediate structural test, representing a major psychological support and a level not traded since early in the chart's history. Below that, 270 is the next meaningful reference. Key levels to watch: Resistance: 337.50 / 370 / 381.49 (EMA78) / 400 Support: 300 / 270 Bear case: A close below 300, with no RSI stabilization, would signal that the sell-off is extending into a more structural breakdown. With cash burn accelerating, Robotaxi delays, and a significant lock-up expiry approaching, the fundamental backdrop provides little near-term support for a sustained recovery. Bull case: RSI at 21 is an extreme reading that rarely persists without at least a technical bounce. A hold above 300 with RSI turning higher could trigger a sharp short-covering rally toward 337.50 and then 370. A positive Q2 earnings surprise on August 4 could be the catalyst needed to break the bearish momentum. Bias is bearish — the EMA structure, distribution pattern, and fundamental headwinds all point lower. However, RSI at 21 makes this a high-risk zone for new short positions, and a violent technical bounce before continuation is the more probable near-term path.