Tesla stock moves higher despite 'Big Short' Michael Burry's bearish bet

Tesla (TSLA.US) stock fell more than 1.0% in premarket after Michael Burry, the hedge fund investor made famous by Christian Bale's portrayal in "The Big Shot", unveiled a significant short position against the electric car maker. According to the Securities and Exchange Commission filing, Burry's Scion Asset Management revealed a short position worth around 800,100 shares, or just under $535 million, based on holdings of put options. However, it is impossible to determine when Burry made the transaction against Tesla, at what price the puts are in the money and how much the company paid for them. Burry decided to bet against Tesla due to concern that Elon Musk's company generates a large portion of its profits from selling regulatory credits, as opposed to producing its Model 3 and Model S sedans. However, Tesla stock managed to erase early losses after news that President Joe Biden's plans to offer ""point-of-sale incentives that encourage EV deployment" that will "incentivize manufacturers who use good labor practices."

Tesla (TSLA.US) stock was trading under pressure recently, however sellers failed to uphold momentum today and price bounced off the major support at $560.86. Also bullish divergence appeared on the Momentum indicator, which may indicate trend reversal. Key mid-term resistance can be found around the $654.21 are which coincides with the downward trendline and 50 SMA ( green line). On the other hand, if sellers will manage to regain control then next support at 507.53 may be at risk. Source: xStation5

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Tesla stock moves higher despite 'Big Short' Michael Burry's bearish bet

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