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Tesla: every day new records
2020-11-26 • Updated
Don’t you think that number 5 has become magical for Tesla? Firstly, it will be included in the S&P 500 stock index next month. Secondly, Tesla’s market value hit $500 billion for the first time on record. Thirdly, the company has surged by nearly 550% this year. All that made Elon Musk the second-richest person in the world!
As for inclusion in the S&P 500, Goldman Sachs claimed that this move will trigger the increase of the demand for Tesla by 8 billion dollars from US large-cap mutual funds. S&P should also decide how to make the adding process smoother as 504 companies will lose their influence on the stock index after Tesla will join it.
Someone can say Tesla is overbought, and he would be right, but Tesla is a miracle as it grows no matter what. Actually, Elon Musk predicted that his company will reach these highs 18 months ago. Some analysts on Wall Street believe that it’s just the start of the long rally up. Wedbush Securities announced its “bull case” of $1 000! One of the reasons is that electric vehicle demand is rapidly rising in China. Tesla being a frontrunner will gain a lot from that. But who needs reasons, when it’s Tesla?!
Tesla is approaching the key psychological mark of $600. The move above will drive the price to the next round number of $650. In the opposite scenario, if it drops below the support of $500, it will open the way to the low of November 17 at $440.
By the way, do you know that you don’t need to have $500 to buy Tesla? With FBS you can use CFDs – contracts for difference. You basically trade on price changes like with currency pairs.
What should you do for trading Tesla?
Trading stocks with FBS is easy. Follow the simple steps described below.
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