Tesla (TSLA.US) stock fell more than 1% despite upbeat sales figures from China. Recent data showed the electric vehicle maker’s sales increased in August from the previous month. Tesla sold 44,264 China-made vehicles in August, compared to 32,968 vehicles in July and 33,155 cars in June, even as chip shortages continue to weigh on automakers. Most vehicles were reportedly exported to Europe. Local sales of vehicles made in China rose to 12,885 vehicles in August compared to 8,621 cars in July, according to the China Passenger Car Association. Meanwhile Tesla Berlin plant is still under construction, however CEO Musk expects that production might start even next month but other indications point to a start in 2022. Nevertheless, in the near future Tesla Shanghai factory will limit exports to Europe. This should provide more details regarding actual demand in China.
Tesla (TSLA.US) stock fell slightly during today's session despite solid sales figures. Price pulled back after a failed attempt to break above local resistance at $765.00 which coincides with the upper limit of the wedge formation. If current sentiment prevails, then downward move may accelerate towards local support zone around $700.00 which is strengthened by lower limit of the formation, 50 SMA (green line) and 200 SMA (red line). Source: xStation5
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