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Have you seen the film “Big Short”? Most of you probably do, as it is a famous Hollywood film, which reveals the story of one extraordinary investor who made billions of dollars betting against mortgage securities during the 2008 financial crisis. It was a real story! This investor, Michael Burry, continues his financial career and he has recently sold the largest number of Tesla shares he has ever sold: 800,100, that worth $534 million. That’s a lot! He compared the hype around Tesla to the housing bubbles in 2008.
Tesla's stock price rocketed to the historic high of $900 in late January but has dropped by more than a third since then, to nearly $570. Tesla’s market capitalization has fallen from almost $870 billion at the peak to below $560 billion.
Indeed, Tesla is having a tough time these days. It is trading at its lows partly because of Musk’s speculations over Bitcoin. First, he said that Tesla would not accept Bitcoin as a payment and tweeted that Tesla might have sold or would sell its remaining holdings in Bitcoin. Then he claimed, “Tesla has not sold any Bitcoin." Investors were angry with Musk, as they have lost money because of his actions. For some time, #donotbuytesla has been a trending hashtag on Twitter. A lot of attention is focused on crypto, Musk, and Tesla these days. Thus, it’s really important to follow this news!
Tesla has been moving inside the descending channel since early April. If it breaks below yesterday’s low of $560.00, it may fall to March low of $540.00 and then even to the psychological mark of $500.00. The RSI indicator signals the stock is oversold as the indicator is below the 30.00 level. However, the stock isn’t likely to reverse up now amid all these negative factors. We might see more sell-off before Tesla has a chance to rise again. Resistance levels are at $600 and $620 – the recent highs. The good news for FBS Traders is that they can open both buy and sell trades.
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The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Australia will release employment change and the unemployment rate on Thursday, at 02:30 MT time.
The Federal Open Market Committee (the part of the Federal Reserve) will publish its Meeting Minutes on February 16, at 21:00 MT time.
The United States will publish the producer price index (PPI) on February 15, at 15:30 MT time.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?