TSLA Tesla Downtrend

If you haven`t bought the dip on TSLA:

nor sold the regional top:

Then it's worth noting that it seems to be entering a downtrend due to intense competition from Chinese EV rivals like Li Auto, Nio, XPeng, and notably, BYD.

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TSLA hit its initial support level following reports from Reuters stating that Tesla won't be producing its entry-level car.
Instead, the company plans to prioritize self-driving taxis, as revealed by sources.
This shift in strategy coincides with Tesla's competition from Chinese EV manufacturers, such as BYD.