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TESLA: getting into the S&P... getting hot!
Pretty expected from Tesla but still – every time there is a sudden spike like this, one gets impressed. After weeks of trading below $450, Tesla shares leaped to $465. Why? Simple: exactly yesterday Bloomberg wrote about this stock being included into the S&P in December – finally, after months of doubts and speculations on that.
Of course, as it is a very prestigious event for any stock, Tesla immediately boomed into the upside: the price reached $465. The latter is a very interesting level: twice the price reached there after the August rally and twice bounced downwards. We will see if this week will have the price hang below that resistance, or, it will make another local low. In any case, if there is a triangle to be found, it is there: with $465 being the upper side providing resistance, and the marked upslope being the lower side. As there is little optimism around, there is a high likelihood that it will take a while before the triangle exhausts itself and the price moves above $465 confidently. Watch that level.
AMC spiked more than 100% on Wednesday, the struggling brick-and-mortar retailer Bed Bath & Beyond jumped by about 51%.
The biggest newsmaker of the stock market in the past few days has been Virgin Galactic. The stock jumped by more than 20% in premarket trading on Monday.
US PCE Price Index will be out on Friday at 15:30 MT.
Microsoft joined Apple in the $2 trillion dollar club! Follow PMI reports from the US, UK, and EU throughout the day!
The Bank of England will release its statement and announce its monetary policy decision on June 24 at 14:00 MT.