TSLA Shares Revive After Shareholder Meeting

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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