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Is Amazon a best-buy for the holidays?
News
China stocks end mixed despite PBoC announcement
News
Asia stocks rise on prospects of Fed easing hikes
News
HP joins the tech layoff spree
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Will the euro give the bulls 200 reasons to smile?
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Asset Watch

Is it time to start Tesla’s engine?

 

Tuesday, November 22, 2022

A mass exodus of Twitter engineers has left Tesla CEO, Elon Musk, with major problems at his new venture. Plus, his attempts to juggle responsibilities at Twitter, SpaceX and Tesla have left the latter in tatters as the bulls exit their positions.
Regulatory filings show he sold $8.5 billion of Tesla shares in April and another $6.6 billion late last year. After another ~$4 billion was sold recently, InsiderScore wrote:
“Regardless of his reasoning for selling TSLA shares right now, it’s hard to ignore the expert timing of his previous sales. In other words, Musk is no dummy, so following his lead may not be a bad idea.”
While the once-hot stock has fallen out of favour, could a comeback be on the horizon?

Fundamentals aside, Tesla confronts a constructive technical backdrop. The stock ended the Nov. 18 session near its March and May 2021 lows, and an intraday rally helped it close above its November 2022 lows.

Furthermore, while Tesla’s stock has been making lower lows for some time, its daily RSI has been making higher lows. This signals that the selling pressure has become less intense, and the development often precedes reversals. As a result, with the momentum becoming less bearish, the next chapter after a consolidation is often a rally.

So, with support present in the $177 to $180 range, will Tesla regain pole position, or does the downtrend have more room to run?


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