23.03.2020 Tesla Daily Analysis

23.03.2020 Tesla Daily Analysis

Tesla closed on Friday at $427.53 which wasn't too big of a change from its opening price on the same day. The stock, just like the rest of the stocks in the market, is being affected by the whole Corona pandemic but it's slowly picking momentum and at the end of all this might come out stronger. How can we be sure of this? Well technically we can't but from the technical analysis and events in the markets currently, Tesla is doing a good job. For one, whereas all the Automobile companies are closed down Tesla's production is just picking up. Giga Shanghai in China is has already achieved production rates higher than before the crisis started, as compared to other carmakers that expect a production rate of slightly less than 40% of full capacity in March. The other Gigafactories might be closed but production for Tesla is still going on. This looks good in the long run for Tesla's stock.