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BofA sees ‘deeper downside risks’ in Tesla stock if this ‘key’ level is broken By Investing.com

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© Reuters BofA sees ‘deeper downside risks’ in Tesla (TSLA) stock if this ‘key’ level is broken

Written by Sinad Karahimetovic

Bank of America Technical Research strategists say Tesla (NASDAQ:) stock is at the top of its watch list, following the recent price action.

“The spot pattern is bearish below last week’s bearish gap and 2-month double higher breaking point from 257 to 266 with the 13, 26 and 40 week moving averages lower hanging from 265 to 280,” the strategists wrote in a client note yesterday.

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Strategists point out that the main support for Tesla stock is the $216-206 area. A break of this key area could indicate “deeper downside risks on the chart support at 180 and 167 along with the 200-week moving average near 156 and the logarithmic scale pattern in the 100 region.”

Tesla stock produced 8 consecutive daily bearish candles which saw the price reach a new 3-month low below $220 yesterday. A move below $207 would lead to the lowest levels since June last year with Tesla stock trading below the 100-DMA, 200-DMA and 100-WMA. The 200-WMA comes in at $156.20 and provides a major support for Tesla stocks in the event of a major crash.

Strategists also noted bearish technical developments in American Airlines (NASDAQ:) and Salesforce (NYSE:) stocks. For the latter, strategists see the potential for a breakout towards $110.

On the other hand, Starbucks shares (NASDAQ 🙂 are being watched from the bottom of the head and shoulders with the potential to go all the way to $104.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.