Tesla Slips as Elon Musk Moves EV-Maker’s Headquarters to Texas

Tesla Slips as Elon Musk Moves EV-Maker’s Headquarters to Texas

Tesla (NASDAQ:TSLA) is trading up 1.39% at 793.61  

Tesla (NASDAQ:TSLA) traded 0.7% lower in Friday’s premarket as the market absorbed CEO Elon Musk’s decision to move the company’s headquarters to Texas from California.

The company plans to maintain a significant presence in California and even increase output at its Fremont factory there.

Tesla even held its 2021 annual meeting of stockholders at its Gigafactory in Austin, Texas’s capital, on Thursday. The management advanced two main reasons for the move. One was the limited scope for expansion at the Fremont factory, the other being the high cost of living in California and the long distances that employees were forced to travel.

The company had numerous run-ins with state regulators last year as it tried to keep the Fremont factory open in defiance of state decrees on social distancing. Musk, who has personally already relocated to Texas, called the state’s health orders ‘fascist’ on earnings call at the time.

On technical fronts Tesla (NASDAQ:TSLA) RSI stood at 80.60 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Tesla (NASDAQ:TSLA) – BUY : 790.84, TARGET: 802.08, STOP LOSS : 783.95

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