Tesla likes to bring surprises to its investors and today is one of these days. The famous automaker posted an announcement on its website that the Board of Directors has approved a five-for-one split of Tesla’s common stock to make its ownership accessible to more people. The trading with changes in price will start
The stock split is a situation when a company increases the number of shares. In the case of Tesla, an investor who holds one stock will receive an additional four. This operation does not result in a change in the total market capitalization of a company. In the short term, it results in a spike of a price.
The price of Tesla stock was moving down for the last couple of days. Yesterday, it tested the support at $1 365. Due to the news on the stock split, the price of a stock may form a gap up after the opening of the US market at 16:30 MT time to the $1 500 resistance level. The next resistance will be placed at $1 560. On the downside, bears will be waiting for the breakout of $1 365 in order to reach $1 250 (50-day SMA).
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