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Tesla, Inc (NASDAQ:TSLA) was charging almost over 4% higher Monday after reports surfaced indicating India is considering implementing tax cuts on EV imports.
The Asian country, which has the highest population of any nation on earth, aims to convince Tesla to sell its cars there and eventually build a manufacturing facility in the country.
The news sent Tesla flying up over the 200-day simple moving average, which the stock fell below on Nov. 9. The 200-day SMA is an important bellwether. Technical traders and investors consider a stock trading above the level on the daily chart to be in a bull cycle, whereas a stock trading under the 200-day SMA is considered to be in a bear cycle.
The 50-day SMA also plays an important role in technical analysis, especially when paired with the 200-day. When the 50-day SMA crosses below the 200-day SMA, a death cross occurs whereas when the 50-day SMA crosses above the 200-day, a bullish golden cross takes place.
Traders wanting to play the potential further upside in Tesla may choose to take a position in Direxion Daily Tesla Bull 1.5X Shares (NASDAQ:TSLL), which seeks to return 150% of the performance of Tesla’s stock.
Conversely, traders who are bearish on Tesla could play Direxion Daily Tesla Bear 1X Shares (NASDAQ:TSLS), which tracks Apple to the inverse.
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The Tesla Chart: Tesla confirmed a downtrend on Nov. 8 and Nov. 10, by printing a lower high and a lower low, respectively, but on Monday, Tesla negated that downtrend by forming a higher high. Bullish traders want to see the stock close the trading session above the 200-day SMA, which would suggest the stock has entered a new bull cycle.