Key Takeaways:
- Tesla is close to forming a golden cross pattern.
- Its stock price has more than doubled in 2023.
- Tesla’s partnership with General Motors has significantly driven the company’s recent success.
WISCONSIN (CoinChapter.com) — Tesla will likely form a golden cross in June as its 50-day exponential moving average (50-day EMA; the red wave) eyes close above the 200-day EMA (the blue wave). A Bull Flag is a bullish indicator, and its formation on the Tesla chart occurs after its 121% price rally in 2023.
Overall, the stock market has been performing well, with cooling inflation data contributing to the upside sentiment among investors.
However, more factors have contributed to Tesla’s stock price rally in 2023. That includes its June partnership with General Motors (NYSE: GM).
Negative Reports and Their Impact on Tesla’s Stock
While the past few weeks have seen mostly positive news for Tesla, some negative reports surfaced during the company’s record streak.
One such report came from the German newspaper Handelsblatt, which cited leaked internal documents revealing concerns among Tesla engineers about the upcoming and highly anticipated Cybertruck’s capabilities.
Despite this negative news, Tesla’s stock has continued to rise, indicating that investors either dismiss these concerns or focus on the company’s overall potential rather than specific issues with individual products.
Moreover, Tesla CEO Elon Musk has addressed concerns surrounding the Cybertruck, promising that the company will hold a delivery event later in Q3, with limited production volumes beginning later this year. This announcement has helped mitigate the negative reports’ impact and maintain the upward momentum of Tesla’s stock.
Investment Implications and Outlook
Tesla’s recent record-breaking streak is undoubtedly impressive and could be seen as an indication of the company’s strong growth potential. The partnership with General Motors and ongoing Supercharger Network expansion are positive developments that bode well for the company’s future.
However, it is essential to recognize that Tesla’s stock price has risen significantly in a relatively short period, and some investors may be concerned about the potential for a pullback or correction.
