Tesla Stock Price and Forecast: TSLA may come under pressure from WSJ report

Tesla gains on Friday as Nasdaq finished in the green.
TSLA stock closes at $1049.61 for a gain of 1.75%.
Tesla shares are still in a downtrend but holding above the key pivot.

Ivan Brian FXStreet

Tesla (TSLA) returned to the green on Friday as the NASDAQ took the crown for best performing index, while the Dow suffered a bank burnout. Bank stocks reported on Friday in the form of Citigroup (C), JPMorgan (JPM) and Wells Fargo (WFC), and the results were decidedly mixed. Citigroup and JPMorgan fell heavily and dragged the Dow down with them. Yields though remained under control, allowing the Nasdaq to breathe lighter and make some headway after recent losses. This helped Tesla back into the green, but the stock remains choppy and sideways in motion.

Tesla Stock News

The Wall Street Journal reported over the weekend that a Tesla lawyer asked Cooley LLP, an international law firm, to fire one of its lawyers who had previously worked at the US SEC. The lawyer in question had supposedly interviewed Elon Musk in the SEC investigation in 2018 into Musk after he claimed on Twitter that he had gotten funding in place to take Tesla private.

The SEC investigation led to Elon Musk and Tesla each paying $20 million fines. According to the WSJ article, a Tesla lawyer asked Cooley LLP to fire the attorney late last year, but Cooley did not follow through on the request. Tesla has used alternative law firms on several cases since December. Tesla and Cooley LLP have not yet responded to CNBC requests for comment.

This may add to pressure on the stock despite Friday's rebound. Earlier in the week, investors and Cybertruck fans were left disappointed with a further delay to the truck's production timeline release, which has now been pushed to 2023.

Tesla Stock Forecast

Irrespective of the news, we have an indecisive chart here. TSLA stock's most recent high was a lower one than the previous and has put in a series of lower lows. This means it is currently in a short-term downtrend.

$980 is the key pivot that will signify more losses. Breaking $980 makes the target $886. Holding above $980, and the target is $1,200. However, we have a declining Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). The MACD has also crossed into negative territory.

Tesla chart, daily

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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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