TESLA FALLS ON REPORT THAT PLAN TO EXPAND BATTERY FACTORY IS ON HOLD
Tesla’s stock is currently trading at 267.92-lower by 2.95% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 3.10%. The stock has pared some of its earlier losses after the opening bell.
Panasonic Corp said earlier today that it is reviewing further investments in battery production at its Gigafactory venture with U.S. electric carmaker Tesla. Also, Tesla said it would continue to invest in the Nevada plant as need be but believed more output could be produced from its existing resources than previously thought.
The companies’ statement came after a report that both the companies are freezing plans to expand their Gigafactory 1, on concerns about weakening demand for the U.S. electric carmaker’s cars. The Gigafactory has been making batteries for Telsa’s sedan, the Model 3, since 2017.
Tesla stocks have lost 8.3% in the past 12 months while the S&P 500 has risen 9.3%.
On the technical front, the RSI is currently at 42.94% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 268.40 TAKE PROFIT AT 266.00 STOP LOSS AT 269.60