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Tesla Share Price Rallies on Rumours of Plans to Open New Stores

Simon Mugo trader
Updated 22 Mar 2021

OPEN DEMO TRADING ACCOUNT YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY

Shares of Tesla (NASDAQ: TSLA) were up 1% premarket to trade at $1500 extending yesterday’s gains on news that the EV manufacturer was planning to open new stores and sales centres.

The move is a stark departure from the company’s earlier plans to shutter all of the company’s current stores and shift entirely to online sales as outlined by Elon Musk slightly over a year ago.

Elektrek, which reported on the above change in strategy, also added that Tesla could make a smaller Cybertruck for Europe citing Elon Musk, Tesla's CEO.

Tesla share price

Tradingview chart of Tesla share price 04082020

Tesla’s share price had since dropped from the $1500 level to trade at $1491 at the time of writing.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading