Tesla shares slip after report of possible new competition

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Tesla (TSLA.US) stock fell nearly 6% after Bloomberg reported that upstart e-car rival Rivian is preparing for an IPO which will take place most likely in September. Rivian plans to operate mainly on the electric SUVs and pickups market. These are two market segments in which Tesla does not yet have a definite advantage. Initial valuation should reach $50 billion, which may seem like a small figure compared to Tesla which is currently valued at nearly $800 billion. However, according to Bloomberg, Rivian is "one of the highest-profile potential competitors to Tesla" and has raised more than $8 billion to date from investors. This suggests that interest in Rivian could siphon away some of Tesla's stock market enthusiasm.

Tesla (TSLA.US) - yesterday the share price of electric-car maker fell below the lower limit of the triangle pattern. Today one can see that the downward move is being continued. Price broke below the 50 SMA (green line) and is testing support at $800.00 Should a break below occur, downward move may accelerate towards next support at $750.00. On the other hand, if buyers will manage to halt declines here, then another upward impulse towards resistance at $900.00 could be launched. Source: xStation5

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