Tesla edges higher after yesterdays crash losses

Tesla fell sharply lower following the "driver-less" Tesla crash on Monday. After rebounding momentum is waning and support is being tested around 20 EMA.

Tech (1)

 

Tesla is edging higher after a steep sell off in  the previous session following a fatal crash in Texas involving a Tesla car which no-one was driving.

Elon Musk has managed to calm investors by saying that the auto-pilot was not to blame.

At the same time Tesla’s growth in China is powering ahead, keeping any selloff in check. New registrations of Tesla Cars in March in China rose to 34,635 up from 18,155 in February.

Rising demand in China has helped Tesla deliver 184,800 cars in Q1 ahead of 169,850 estimated by Bloomberg analysts.

Tesla found support at the ascending trend line and 50 EMA in the previous session and has rebounded pushing through the 20 EMA. However the move higher is running out of steam and is testing the 20 EMA.

The RSI is relatively neutral as it the flat 20 & 50 EMA ahead of earnings later this month.

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