12.03.2020 Tesla Daily Analysis

12.03.2020 Tesla Daily Analysis

The Tesla stock hasn't been spared in this week's market volatility and according to its premarket value, it has already broken it's Support and is now going for $580.14 per share. The Company's share has lost more than 8.76%  within less than 24 hours and averagely 30% over the past two weeks. However, the Company yesterday became the highest valued industrial company with a market value of more approximately $114 billion after overtaking Boeing which lost more than 15% in the value of its stock due to coronavirus epidemic reducing transport. However, in the face of all that's going on in the market Tesla seems to be focused at the end more than the means, consumers have already confirmed reception dates for the new model Y cars. It's an amazing feat considering that a lot of factories have had to shut down due to the Coronavirus epidemic and Tesla wasn't an exception, However, Elon Musk went to Twitter to announce the company is set to open a gigafactory in the central USA to assemble its Cybertruck. In addition, Musk announced on Wednesday that the Model Y production is set at the east coast. Now, with the official announcement that Tesla has overtaken Boeing in capitalization to take the first position, well, it might just have touched investor's hearts, something needed to push the stock value up Today GBP/USD is trading at $1.2626, the lowest it`s been in four months. US President Donald Trump announced a travel ban on European countries excluding the UK which will run for 30 days. This travel ban is an attempt to protect Americans from coronavirus as it was declared a pandemic by the World Health Organisation yesterday. This comes after reports of more coronavirus cases in European countries than in other countries. The US dollar index went down by 0.1% to 96.360. The UK government stated that they have a 12 billion pound ($15.43 billion) fund to combat coronavirus. The USD and US stock market has continues to go down as investors feel that the measures that the US are taking are so lightweight compared to countries like the UK. Robert Carnell, chief economist for the Asia Pacific at ING Groep (AS:INGA) NV in Singapore said: “The travel ban for Europe will have economic consequences, both in Europe and the U.S. and it may help to lower the eventual peak of the virus in the U.S. That is a highly debatable premise though without the widespread testing for the virus in the U.S.” Today there is the US Producer Price Index which measures the change in the price of goods sold by manufacturers. A higher than expected result should have a positive effect on the USD. The previous was 0.5%, the forecast was -0.1 and the actual is -0.6 which is lower than expected and we should continue to see the USD going down.