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What is next turn for (TSLA) Tesla? Elon Musk-Twitter Interacting With Tesla Stock Price | FxPro

What is next turn for (TSLA) Tesla? Elon Musk-Twitter Interacting With Tesla Stock Price | FxPro | FXMAG.COM
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Table of contents

  1. Musk’s deal with Twitter
    1. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM
  2. Locally, buyers are eyeing current levels to purchase Tesla
    1. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM

Tesla stock has always been more volatile than the stock market. It closed the Thursday session on the lowest level since last August, and it is a common question, what is the next turn for the leading EV producer. For now, it looks like the downside impulse is not over yet but did its main part.

Musk’s deal with Twitter

The list of variables in this stock ranks from the outlook for demand for electric cars (i.e., oil prices) and interest in the ESG agenda, including the economic outlook and monetary policy, and ends with the tone of the tweets of its founder, Elon Musk.

But in recent days, it has also been affected by Musk’s deal with Twitter, where Tesla shares were used as collateral. For investors, the latest news of Musk’s potential break-up of the agreement to buy the social network is good news. The opposite is also true. The promotion of the deal has caused Tesla shares to sell off with acceleration in the market.

Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM

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Locally, buyers are eyeing current levels to purchase Tesla

Shares in the leading electric car maker are now trading 38% below their peaks at the start of April and 43% below their all-time highs in November last year.

The company’s shares are looking better than many other pandemic favourites, which have zeroed in on all and much of the gains from the March 2020 lows, while Tesla has become about ten times more expensive in that time.

Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM

Locally, buyers are eyeing current levels to purchase Tesla, which is aggressively ramping up production and is well ahead of other electric car makers in sales in an era of record fuel prices.

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On the one hand, the technical analysis points to a return of the stock from oversold territory, which could be followed by both a recovery bounce and the start of a new wave of growth that could return the price to levels above $1000 in just a few weeks.

On the other hand, the share price may not face much of an obstacle moving down another 10% from current levels, regaining half of the pandemic rally to levels near $650, where it has traded repeatedly since December 2020.


Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.


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