Tesla shares rose, regaining a key indicator, the 200-day moving average, to sup

Tesla shares rose, regaining a key indicator, the 200-day moving average, to support. This ETF Offers 150% Leverage To Play Up, Down.
11/13/2023 9:59am. (Benzinga Newswire)




Tesla, Inc (NASDAQ:TSLA) rose nearly 4% on Monday after reports that India is considering a tax break on imports of electric vehicles.

As the Asian country with the largest population in the world, India wants to persuade Tesla to sell cars and then build a manufacturing facility in the country.

The news prompted Tesla shares to jump past the 200-day moving average, which fell on November 9. The 200-day moving average is an important indicator, with technical traders and investors seeing the stock above this point as a daily upside cycle on the chart, and if it trades below the 200-day moving average, it is in a downward cycle.

The 50-day moving average line also plays an important role in technical analysis. In particular, death crosses occur when the 50-day moving average crosses below the 200-day moving average, and rising golden crosses occur when the 50-day moving average crosses above the 200-day moving average.

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Tesla Chart: Tesla confirmed its downward trend by taking low highs and lows on Nov. 8 and Nov. 10, but on Monday, it negated that downward trend by forming a higher high. A bullish trader wants the stock to end its trading session above the 200-day moving average. This should suggest the stock has entered a new upward cycle.

- Tesla's close near full-day highs is expected to form a rising Maruboz Candlestick, which may signal higher prices could come again on Tuesday. On a day when stocks rise, a big top week could see higher prices again on Tuesday, with significant gains expected. Stock prices are expected to rise significantly.
- If Tesla continues to rise over the next few trading days, the top gap between $230.61 and $242.68, will likely be filled. In that case, the stock may find at least a temporary resistance in the upper range of that gap.
- If Tesla falls back below its 200-day moving average, it could accelerate downward pressure, suggesting Monday's rise may have been a bad trap.
- Tesla's support is at $213.13 and $200.51, with resistance above at $225.03 and $234.35.


Elon Musk To Visit India This Week As Top Growth Economy Seeks Deal With Tesla
11/13/23 6:00am.  Fox Business

Elon Musk, Tesla founder and CEO of social media platform X, will visit India this week, and both sides are actively working on an agreement to attract electric carmakers to South Asia.

Musk and Indian Prime Minister Narendra Modi met during Modi's visit to the U.S. in the summer, where Musk said he was "confident that Tesla will enter India and do it as quickly as a person can."

Musk sees meeting with Indian Commerce Minister Piyush Goyal to review potential details of Tesla's entry into the Indian market. Musk plans to build a Tesla factory that produces $24,000 cars in India, supply parts from all over the country to those vehicles, and build charging infrastructure across the country.

India started earlier this year, outpacing Britain as the world's fifth-largest economy and Japan as the world's third-largest vehicle market. According to The Times of India, more than 4.25 million cars were sold in 2022.

The pace of growth has made India the most attractive and profitable market for electric vehicle (EV) manufacturers to invest in new facilities.

Tech group Mahindra & Mahindra generated excessive returns in 2023 for the financial year, earning a $9.8 billion valuation from Singapore's global investment firm Temasek, according to the Economic Times.

This is an agreement between Tesla and India, the world's largest EV maker with a market capitalization of $80 billion, according to Reuters.