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Tesla reopened against Alameda County
2020-05-13 • Updated
Tesla surged after Trump’s tweet, but then dropped to the end of the trading session. What was the reason?
Tesla’s plant is located in Alameda County, one of the six San Francisco counties. The stay-at-home order was set to expire on May 4, but the local county decided to prolong it till the end of the month.
The reaction of Elon Muck was:
To be clear, the state of California approved that Tesla can operate, but, according to Elon Muck, “an unelected county official illegally overrode”. Opinions were divided, some people were for reopening, some of them – against. However, the US president marked the end of disputes.
Later Alameda County Health Department announced that Tesla can reopen next week, if the company takes all safety recommendations.
What does it mean for a trader?
Some analysts on Wall Street don’t worry so much about this. They see this deal as a temporary problem that won’t affect Tesla’s success in the long-term. Tesla shares are up more than 240% over the past 12 months.
However, some analysts aren’t so bullish. According to analyst Craig Irwin, there is a “downside risk” to Tesla’s second-quarter forecasts. He recommends investors be wary of the stock.
Wall Street opinions on Tesla stock widely vary. Price targets range from roughly $300 to $1,000. The average analyst price target is $620, what is much lower current trading levels. The Dow Jones Industrial Average, at the same time, implies the increase of the average target price for stocks by 13%.
The Tesla stock price had declined dramatically during March, but then it bounced back in April to its pre-crisis highs. Now the Tesla stock price is still above all moving averages. The levels support the continuation of the bullish trend. The resistant line is at 858. If the price manages to fall lower than 767, it may go down further to 675.
More and more analysts are sure Brent oil will surpass $100 a barrel. So how heavily will oil move the markets, and what will the direction of the movement be? Let's find out!
About PayPal PayPal is an electronic commerce company that facilitates payments between parties through online transfers…
On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.