Tesla Stock News and Forecast: TSLA stock rallies over 3% as Elon bids for all of Twitter (TWTR)

TSLA stock closed up 3.5% on Wednesday above $1,000.
Tesla (TSLA) stock stalls at the short-term 9-day moving average.
Tesla earnings are out next week on April 20th, after the close.

Ivan Brian FXStreet

Tesla stock recovered ground on Wednesday as global equity markets appear to move into a slightly more accommodative mode with falling yields especially helping the tech and growth spaces. Earnings season continues with pent-up travel demand helping and macroeconomic commentary from Delta (DAL) also perhaps helping consumer stocks. All that saw the Nasdaq add 2% on Wednesday despite some record-setting PPI data.

Tesla (TSLA) stock news

Tesla has certainly been making headlines recently. We have had Elon Musk taking a large stake in Twitter (TWTR), now offering to buy it all for cash, see here. Tesla itself has been the subject of scrutiny over the plant shutdown at its giga factory Shanghai. This initially hurt the stock and China car sales data showing a decline in March also hit. But for now, this has been put to one side by investors. April 20 will give more clarity on how this suspension of production and slowing Chinese demand is going to hit. Tesla has been repeatedly hiking prices to combat rising input costs and at some stage that is going to hit demand. There is likely significant pent-up demand though so it may not be until later this year that we begin to see demand falls due to price hikes. This will not be limited to Tesla. The race for range continues with Mercedes Benz saying on Thursday that its electric concept car, the Vision EQXX, just did 621.37 miles on a single charge. Range is all the rage as drivers look to find the car with the biggest capability. But Elon Musk said recently that adding battery size purely to increase the range diminishes performance and handling. "Even our 400+ mile range car is more than almost anyone will use,” Musk had said, according to Benzinga.

Tesla (TSLA) stock forecast

Wednesday's development and strong bounce does not really change the picture. Tesla is in a long to medium-term downtrend as identified by the downtrend line connecting the 3 lower highs from November, January, and April. $945 remains the key support as a break should accelerate the move lower. Momentum indicators RSI and MFI are relatively neutral and we expect more range trading until earnings next week. That will be the catalyst for the next trend move.

Tesla (TSLA) stock chart ,daily

The author is short Tesla

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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