China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Morgan Stanley: you risk if you don’t have Tesla stock
2021-04-08 • Updated
Morgan Stanley, a huge investment bank, has warned investors about a “risk” not having Tesla stock. It means that those people who don’t have Tesla shares will regret it as Musk’s company will continue increasing its value.
Why is Morgan Stanley so sure about Tesla’s growth?
The key reason is Biden’s infrastructure plan, which is positive for Tesla. The US President intends to fight climate change and make the USA carbon-free by 2050. He will spend $174 billion to develop the US electric-vehicle ecosystem, where Tesla is the top performer.
“Auto investors face greater risk not owning Tesla shares in their portfolio than owning Tesla shares in their portfolio.”
However, Morgan Stanley cautioned that Tesla’s way up won’t be easy and fast. Indeed, this year the carmaker is down about 5%, which is not so bad actually. It can be viewed as a great opportunity for investors to buy Tesla at a lower price. In comparison, Tesla rose 743% last year. So, there is a high chance Tesla will catch up. By the way, last week, Musk’s company has published better-than-expected car deliveries even despite the global chip shortage.
Morgan Stanley set a price target for Tesla at $880. According to Bloomberg, the average analysts’ target is $651, with 17 buy recommendations, 13 holds, and 12 sells.
Tesla has formed the ascending triangle pattern. The ascending triangle pattern shows that bulls are getting stronger. As a result, its slope goes up. If the price manages to break the high of April 5 at $708.00, the way up further to the next round number of $750.00 will be open. In the opposite scenario, the move below the low of March 31 at $640.00 will drive Tesla down to the lower trend line at $600.00.
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