Tesla shares remained under pressure on Thursday even after Elon Musk unveiled a redesigned Roadster featuring experimental flying capabilities. The stock closed at $362.44 on Oct. 15, down 1.29% during the session and roughly 6.7% below its recent high of $388.56.

The demonstration introduced new performance features developed with SpaceX technology, drawing on the aerospace company that Musk also leads. Tesla, however, has not started customer deliveries and now targets production in 2028. Investor attention now turns to the company's third-quarter earnings report, scheduled for Oct. 21, which is expected to provide more detail on automotive demand, profitability and investment plans, while TSLA faces technical resistance near $389.

Musk Says the New Roadster Can Fly

TSLA stock will remain in the spotlight following the debut of the vehicle. In a statement on Thursday, Musk said the new car will be able to fly, a feature long relegated to science fiction. CNN reported that Tesla unveiled what it says is a flying car.

According to the company, the new Roadster will accelerate from 0 to 60 mph in a record time of less than one second. It also generates suction below the car to help it climb a steep ramp.

The announcement suggests Tesla is considering an entry into the electric vertical takeoff and landing (eVTOL) market, which would mark an expansion beyond the company's core automotive business. Some analysts believe the industry could become substantial over time, potentially allowing Tesla to gain significant market share.

Risks remain noteworthy. Musk himself admitted that the new flying feature may not work out as planned. The company also has a long record of overpromising and underdelivering. The Roadster was first unveiled in 2019 and has not been delivered to customers. The Cybertruck, launched with considerable fanfare, has not been a success, with recent reporting suggesting its sales have plummeted in recent months.

Tesla Prepares to Report Q3 Earnings

The next important catalyst for TSLA shares will be the upcoming earnings report, which is expected to provide signals on revenue and profitable growth.

Analysts expect the report to show modest revenue growth. Tesla's vehicle deliveries stood at more than 486,000, up from 464,009, and the company deployed about 13.7 GWh of energy products during the quarter. Delivery numbers usually offer hints about the earnings to come. In this case, analysts believe revenue will come in at $28.11 billion, essentially level with last year's $28.09 billion. The comparison reflects last year's dynamics, when many buyers rushed to purchase vehicles ahead of the end of the tax credit program, and the upcoming figures will offer a read on how demand is holding up without the incentive.

Analyst sentiment has turned more bullish. Goldman Sachs upgraded its rating from neutral to buy, citing the potential impact of the ongoing gasoline price jump. Tigress Financial boosted its stance to buy and set a price target of $550, while UBS reiterated a buy outlook with a $391 target. Other major firms maintaining bullish views on the stock include HSBC, Wells Fargo and JPMorgan. The average analyst estimate stands at $412, modestly above the current share price.

Tesla Stock Forecast: Technical Analysis

The daily chart shows TSLA stock has rebounded in recent months, jumping from a low of $297 in late July to a high of $389. More recently, the stock has traded within a narrow range between $350 and $389. (Chart source: TradingView.)

The stock has remained above the 100-day Exponential Moving Average (EMA) and the Supertrend indicator. It is therefore positioned for a potential strong bullish breakout that could carry it to the key resistance at $389. A move above that level would point to further gains toward the next resistance near $440. With the report scheduled for Oct. 21, the $389 level stands out as a focal point for the sessions around the release.

This article is for informational purposes only and does not constitute financial or investment advice.

This originally appeared on The Market Periodical.