Tesla (TSLA.US) stock fell nearly 10%, extending yesterday's losses due to rising interest rates and the ongoing correction in bitcoin. The rate on the benchmark 10-year U.S. Treasury bonds jumped above a 1-year high of 1.6%, stoking investor concerns about potential interest rate increases which would negatively affect growth stocks such as Tesla. Also the company recently invested $1.5bn in the often volatile Bitcoin which is undergoing a correction phase at the moment. Due to the scale of this transaction, many investors tied Tesla's share price to the Bitcoin price.
Tesla (TSLA.US) shares have fallen more than 30% from the intra-day high it reached on January 25. If the current sentiment prevails, the downward move could be extended to the $500.00 handle which is additionally strengthened by 200 SMA ( red line). At the moment, lower limit of the descending channel is providing some support. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
