Is Elon Musk selling Tesla?

Is Elon Musk selling Tesla?

Updated on August 11, 2022 19:00 PM by Andrew Koschiev

Tesla report sharing

The July report is a good start to the session for equities. Elon Musk is rallying on Tesla stock that, sold almost 8 million shares valued at $6.7 billion. After touching a 5% gain, Tesla shares rallied more than 2%.

Stock on sales

Elon Musk's sales of more stock parted with nearly 8 million shares valued at about $6.7 billion. He wants to avoid emergency sales of Tesla stock where Twitter forces this deal to close, and some equity partners don't come through the $44 billion transaction.

Trading stock of Tesla

During last week, the resistance level was around $930. Tesla stock ran into the 200-day moving average with 50% retracement. Momentarily broke below the 10-day moving average as the shares pulled back and began to rally again.

The recent action of the $840 to $850 zone proved to be a key as thus level was resistance in July and support to Tuesday to pull back the amid. Last week, Tesla pushed a high of $940.82, which will put the 200-day moving average and 50% retracement.

The door back up opens with the coveted $1000 level and the 61.8% retracement. Many traders have circled on the level of the chart. Below the 10-day moving average, Tesla stock is moving back, and the zone is back in play with $840 to $850 along the 21-day moving average. The higher $940 is the key to unlocking more upside, and the downside is $840, which keeps the bull alive.

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