Elon Musk Goes To Twitter To Support Tesla
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Tesla Motors Inc (NASDAQ: TSLA) shares were trading higher by $2.02 at $190.70 in Monday's session. The issue is getting a slight boost from a tweet made by its founder, Elon Musk, over the weekend.
Back in October 2014, he used the same tactic when he tweeted a refute to a Wall Street Journal article about flagging sales. The end result? The issue rallied $22.00 the following session ($221.67 to $242.77) and continuation rally to $259.00 before cratering under $200.00 by year's end.
His most recent tweet came on Sunday, when tweeted out about a press conference at 9:00 a.m. on Thursday to "end range anxiety...via OTA software update."
Tesla press conf at 9am on Thurs. About to end range anxiety ... via OTA software update. Affects entire Model S fleet.
— Elon Musk (@elonmusk) March 15, 2015
This time traders are bit more cautious and following a run to $194.29 in pre-market trading, it has not been able to revisit that level, only reaching $193.43 in today's session before reversing course. It has found intraday support at $189.80 and is attempting to remain in the $191.00 handle.
The issue nearing a major support level in Friday's session at $185.00, only reaching $187.32, before rebounding to close at $188.68. That level marks the the lowest since its made its all-time high on October 9, 2014, at $265.54.
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