Perhaps one of Tesla’s most prominent supporters today is Ark Invest, led by bullish investor Cathy Wood, who bought a lot of Tesla’s stock soaring during 2019-2021 right in the previous years. Some believe Wood’s recent purchase of another 3,000 shares of Tesla could predict a new decline for the stock, with Ark showing his optimistic forecast.

While Tesla’s recent purchase of Ark Invest may predict a new bottom for the stock, Gasoline Ja He also says that both bullish and bearish indicators are present on the chart, which could keep the automaker in trouble. In any case, Tesla remains the company’s second largest ETH holding, right behind Zoom.

Ark Invest also bought 15,858 shares of Tesla last month after losing $66 million in shares following the automaker’s first-quarter earnings call. While the recent rallies indicate that Ark is aiming for an uptrend, the chart shows a few different types of indicators worth paying attention to.

Although the chart shows some daily bullish flags, the bears are showing an eight-day exponential moving average (EMA) moving lower this month, which many believe prevents bullish flags from appearing. If so, analysts see Tesla stock rising to $863 based on a survey compiled between May 25 and May 31. Gasoline Ja It finds resistance at $720.95 and $745.63 which could be difficult to break. It also has support below 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.]

Discussing the future development of the Tesla stock Gary Black, Managing Partner of The Future Fund LLC (YouTube: Yahoo Finance)

Like many automakers, Tesla was choked up at its Gigafactory Shanghai in late March and most of April due to a spike in COVID-19 cases and a stringent lockdown in China, halting production for 22 days. With Tesla CEO Elon Musk recently warning about the direction of the US economy, it’s hard to say what will happen to Tesla stock over the next few months.

However, the Tesla stock split was finally detailed this month, with the automaker planning a 3-for-1 stock split. This means existing shareholders will triple their shares, say 5 to 15, while lowering the total entry price for investors.

Tesla also saw its Fremont plant hit a new high in daily production this month, while Gigafactory Berlin and Gigafactory Texas continue to ramp up production efforts. Not to mention the revenue coming from self-driving taxis and the Optimus robotic droid, Tesla still dominates the electric car segment and appears poised to enter the next chapter in the tech markets.

Originally published on EVANNEX. Across Zachary Visconti

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