Tesla's operations were affected severely by the coronavirus crisis as the pandemic delivered waves of blows to the car manufacturer's supply and demand outlooks. On the one hand, the lengthy lockdowns in China and elsewhere from the beginning of the year distorted production. On the other, muted global demand across the industry drove Tesla's sales down.
Even still, the company's stock was able to shoot up from the historic low that was reached during the peak of the crisis in late-March. The bullish run was prompted by external pressures for the industry, such as low-interest rates across the globe in conjunction with accommodative monetary policies by central banks and enhanced fiscal policies by governments.
Tesla's stock is currently trading close to the historic resistance level at 927.00, which, in turn, is just below the all-time high of 967.00. Moreover, these previous records are positioned close to the psychologically important level at 1000.00, so there are a lot of obstacles for Tesla's current bullish trend to break out above.
That is why the purpose of today's analysis is to determine whether set trend has the capacity to continue advancing further north. If so, just how far can it reach before a more sizable bearish correction occurs?
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