$TSLA TOP 20
Added 2024-03-26 14:37:24 +0000 UTCJumping 5.5% today on a number of news drops:
From Benzinga:
Tesla Inc TSLA shares are trading higher Tuesday. New reports suggest Italy has approached the EV maker about electric truck production.
What Happened: Multiple reports are highlighting new reporting from Italian news outlet Il Sole 24 Ore, suggesting Italy’s Industry Ministry officials have reached out to Tesla in regards to potentially manufacturing electric trucks in the country.
The report indicates that Italy has been in talks with Tesla and three China-based EV manufacturers since last year, but the discussions have reportedly ramped up in recent weeks.
Reuters reported last month that Italy had been in talks with Tesla and three Chinese carmakers about ramping up EV manufacturing in the country. Italy is reportedly targeting annual production of at least 1.3 million vehicles, including one million passenger cars and 300,000 vans.
Price action has jumped right back into the wedge and touching the top of the wedge line now which is also where the 200 MA on the 1hr chart has been waiting.
Making this a confluence level, so if bulls pull this out of the bag and break above this level at $164 they have changed the trend here.
This wedge is a bullish formation, so a break to the upside is a good move.
Still a lot of work here to do.
