Why Virgin Galactic Dropped after Branson’s Flight
Virgin Galactic’s Branson flew to space, but the stock of Virgin Galactic (SPCE) dropped. Why?
Ark forecasts Tesla at $3000 by 2025
What happened?
Cathie Wood’s Ark Invest claimed it foresees Tesla to hit the $3000 level by 2025. Nobody doubts that it really can happen as Tesla’s performance is outstanding, especially in 2020. Ark Invest’s bear scenario implies Tesla will reach $1500 per share, while according to the bull scenario, the stock price will hit $4000.
Why?
This optimism is caused by Elon Musk’s intentions to launch an autonomous robotaxi service. No driver, just a smart tech system! According to Ark, it will bring in as much as $327 billion in revenue for Tesla.
It’s worth mentioning, Tesla is the largest holding for Ark Invest. The company has been a long-term Tesla bull and has already predicted the massive Tesla’s growth back in 2018. And, Tesla has even outraced Ark’s predictions and beat Ark’s forecasts two years ahead of schedule!
Technical analysis
Tesla has risen by 3% in pre-market hours, driven by encouraging Ark’s forecast. Once the stock trading is available (wait for 15:30 MT), Tesla should jump to the 50.00% Fibonacci retracement level of $720.00. If it manages to break this resistance, the way up to the 50-day moving average of $780.00 will be open. Just in case, be aware of support levels at the 23.6% Fibo level of $625.00 and the low of March 8 at $560.00.
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