TESLA BEARISH AFTER BLACK ROCK PROPOSAL REJECTED
Tesla is currently trading at $300.58 – lower by 0.58% from the last close. Even though the stock was in the positive territory in the last session.
In recent news, Funds run by BlackRock voted in favor of a recent shareholder proposal that would have required Tesla to replace Elon Musk with an independent chairman according to BlackRock’s filing with the U.S. SEC on Thursday. The proposal was unsuccessful, and would not have affected Musk’s status as the automaker’s CEO. EIon Musk has been under pressure over the company’s spending and after tweeting on Aug. 7 that he planned to take the company private, only to abandon the idea by Aug. 24.
In other news, Tesla won a court case against the Ontario government related to cancellation of rebates on electric cars. Tesla’s challenge arose after Ontario’s Progressive Conservative government in July canceled a slew of green energy initiatives, including an Electric and Hydrogen Vehicle Incentive Program that provided rebates of up to $10,640 for people who bought electric cars.
On the technical front, RSI is currently at 39.42% and suggests that the market can move in the downward direction. The %K has crossed the %D from below to the upside at 29.76 and suggests that the market may head upwards. The current price is below the MA5. Overall market sentiment seems to be negative.
TRADE SUGGESTION-LIMIT SELL AT 304.00 TAKE PROFIT AT 301.00 STOP LOSS AT 305.50