Tesla edges higher after yesterdays crash losses
Fiona Cincotta April 21, 2021 1:05 AM
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.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.