Tesla
Tesla (TSLA) shares are trading 2% higher today as the company announced that they are close to resuming production in Germany, after an electricity outage forced a plant’s closure. The stock is trying desperately to hold on to the $180 price.
“Desperately” is the key word and today’s move should be taken with a grain of salt. TSLA stock is down 28% from its December highs as the company deals with a multitude of fundamental problems stemming from the slowdown in demand for electric vehicles (EVs).
The media is starting to rumble about the stock being at a good price to buy, but the stock is getting a break from its recent selling for no other reason than it has become oversold on a short-term basis.
Keep an eye for a break of $180 to draw more sellers into the market with a price target of $150.
Bitcoin
Bitcoin is making another technical breakthrough today, as the cryptocurrency is trading 15% higher on news that the United Kingdom (UK)’s FCA is moving forward with plans to allow institutional investors create crypto exchange-traded notes (ETNs).
This is similar to the move that we’ve recently seen here in the United States, as it represents a “normalization” or “acceptance” of cryptocurrencies as a mainstream security. The move means that we will see even more demand for cryptocurrencies, especially bitcoin.
This headline move also comes before the “halving” scheduled for April. The break to new highs along with the headlines puts a price target of $100,000 within reach for Bitcoin.
Meta
Like Nvidia (NVDA), Meta (META) is seeing an increase of selling as short-term traders appear to be taking profits.
Shares of META are trading 170% higher over the last year and 39% year-to-date after blowing out their last quarter’s earnings report.
The stock is trading at its 20-day moving average ($486) as I type this. That trendline represents the stock’s 20-day moving average and should be considered important for short-term technical support.
A break below $485 will likely see shares of META trade to $460 before a consolidation that could present a buying opportunity for the stock.
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