Does Wall Street Investor Cathie Wood’s Recent Tesla Purchase Predict the Stock’s New Bottom?
Perhaps one of Tesla’s most prominent supporters today is Ark Invest, led by bullish investor Cathie Wood, who got much of Tesla’s skyrocketing stock through 2019–2021 right in the years prior. Some believe Wood’s recent purchase of another 3,000 shares in Tesla could predict a new low for the stock, with Ark showing its bullish expectations.also says both bullish and bearish indicators exist on the chart, which could keep the automaker in a tough spot.
Ark Invest also purchased 15,858 shares of Tesla last month, after having dropped $66 million worth of the stock following the automaker’s Q1 earnings call. While the recent pickups hint that Ark is looking to average upward, the chart shows a few different kinds of indicators worth paying attention to.
Although the chart shows some daily bull flags, bears point to the stock’s eight-day exponential moving average moving downward this month, which many think will hinder the bull flags from playing out. If it does play out, analysts see Tesla’s stock surging to as much as $863 founded on a poll created between May 25 and May 31. Still,notes resistance points at both $720.95 and $745.63, which may be hard to overtake. It also has support below at around $700, and at a lower point at $671.64.
Update: Since this article was originally written, TSLA has dropped and then risen a bit again and closed out the week at $650.28.The Future Fund LLC Managing Partner Gary Black Like many automakers, Tesla was stifled at its Gigafactory Shanghai in late March and much of April, due to surging COVID-19 cases and China’s strict lockdown procedure, which caused a 22-day production halt. With Tesla CEO Elon Musk recently warning of the direction of the U.S. economy, it’s tough to say exactly what will happen in the next several months with Tesla’s stock.was finally detailed this month, with the automaker planning to split the stock at a ratio of 3-to-1.
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