Tesla edges higher after yesterdays crash losses
Fiona Cincotta April 20, 2021 6:05 PM
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.
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.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.