Considering all of the recent media coverage surrounding Tesla CEO Elon Musk and his direct involvement with the cave rescue in Thailand, it is perhaps an ideal time to look at how this is affecting Tesla in the markets. We live in a day and age where even a single tweet can dramatically affect the markets (something that occurs frequently with the president of the United States, Donald Trump). Everything you say or do is monitored 24/7, analysed, discussed and debated, and of course, whilst all of this happens, the gravity of the message conveyed online can either inspire traders, or invoke fear, and may lead to subsequent panic-trading.
Elon Musk has been one of the key figures in the worldwide media recently. Gaining both applause for his involvement in the rescue attempts, and criticism for some of his less favourable remarks concerning some of the victims. It leads one to speculate whether the remarks that he makes are genuine, or whether they are occasionally made to generate headlines. It’s like the old saying goes ‘all publicity is good publicity’.
Elsewhere, the company itself is entering an exciting period, with its new Tesla Model 3 recently being made available to the market, together with, unofficial crash test results for the same model suggesting that the model would provide genuine safety for users. Tesla is a prime example of continuous innovation, and is just one of many projects that Elon Musk is currently involved with. So let’s take a look at Tesla’s CFD stocks, and see how all of the aforementioned events might be affecting the CFD performance!
Source: #TSLA, H8 chart, Admiral Markets MT5, with MT5SE Add-on, July 2018
The #TSLA share price has formed a dreaded megaphone pattern that indicates a potential for both bullish and bearish price action. 299.32-318.19 is the POC zone where we could expect a reaction. Above 318.20 we might see a continuation to the upside towards 367.33 and 378.33 – the confluence of the pattern’s top and camarilla pivot. Further upside will be exposed only at the candle close above Q H3.
Below 293.60, the price could drop towards 271.60. The bottom of the megaphone pattern is around 265.20. Further downside is exposed at the candle close below it, with 235.03 as the final target.
This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not reliable indicator for any current or future performance as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks.