TSLA Shares Revive After Shareholder Meeting

FXOpen

Last week, Tesla held a shareholder meeting where the main events included:
→ Shareholders approving Elon Musk’s $56 billion compensation package in TSLA stock options;
→ Relocating the company’s legal headquarters to Texas;
→ Elon Musk’s statements on robotics, asserting that Optimus robots could make Tesla a $25 trillion company.

Approving the massive compensation eliminated the risk of Musk leaving the company (which would likely have caused a sharp drop in TSLA stock price). The billionaire thanked shareholders and today, 18 June, posted on X (Twitter) announcing that he is working on a new master plan for Tesla’s development, likely focusing on the prospects of Optimus robots.

Additionally, news emerged about the launch of Tesla Model 3 sales at a new price in China. This spurred activity in the TSLA stock market.

According to today’s TSLA stock technical chart:
→ The price is in a downtrend (shown in red);
→ Throughout May, the price fluctuated with low amplitude around the $177 per share level – this led to the ADX indicator dropping to minimal values. However, recent events suggest increasing volatility.
→ If Musk’s increased activity with Tesla gains investor support, this could lead to heightened demand and a bullish breakout of the median line of the red channel;
→ The price may then continue to form an ascending channel (shown in blue), which is becoming more apparent – for instance, rising towards the upper boundary of the red channel.

However, analysts remain sceptical for now. According to TipRanks, the average 12-month price target for TSLA shares is $176.96 (a 5.59% decrease from current levels).

Read analytical TSLA price forecasts for 2024 and beyond.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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