Following the Smoking of Cannabis on a live show by Tesla CEO, Elon Musk, the share price of $TSLA dropped significantly. The Vice President of Worldwide Finance and Operation for Tesla , Justin McAnear, submitted a resignation letter recently after 3 years with the company. A bigger role came knocking at his door. Could he be leaving because of the instability of the $TSLA share price or because of the new job or he cannot fortell the actions of Elon Musk? About 30 executives have left the company since June. This is alarming for a publicly traded company like $TSLA. Investors might want to withdraw due to instability in executive leadership. Musk made a promise recently to increase production of the Model 3 sedan which might put the company on a profitable track. It is the most demanded amongst Tesla’s model of cars.
The trendlines A and B had an upward breakout already pushing to a new resistance level. Could $TSLA share be on the rise again? Hopefully an influential executive will not resign anytime soon and Elon Musk will not take another crazy action, which might in the long run decline the price of $TSLA. A doji already formed on the lower band for a change of trend. RSI on the daily chart shows an oversold market. As we look forward to the bulls taking charge of $TSLA, this might be in a range for awhile.
Sources: Elon Musk Cannabis Weed Smoking (INDEPENDENT.CO.UK)
Teslas Global Finance Head Leaving The Company (THE VERGE)