Telsa Lawsuit, Factory Relocation, & Court Filings

Elon Musk seems set to wave good bye to California.

Policy Tweets

In a scathing rebuke of Alameda County and the State of California Elon Musk tweeted this morning that Tesla HQ would be moved from California.

In a Saturday morning tweet he said: “Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependen on how Tesla is treated in the future. Tesla is the last carmaker left in CA.”

Later in the day he tweeted the following in regards to back to work restrictions: “I’m not messing around. Absurd & medically irrational behavior in violation of constitutional civil liberties, moreover by *unelected* county officials with no accountability, needs to stop.” This has been followed up by a lawsuit filing.

New Lawsuit

TESLA VS ALAMEDA COUNTY CALIFORNIA / COMPLAINT FOR INJUNCTIVE AND DECLARATORY RELIEF

Here is a link to the documentation: https://wholemars.com/alameda-lawsuit.pdf

Disclaimer

Tesla Stock Takes a Beating

Tesla Stock Chart, Tradingview, TA
Click To Enlarge

Tesla (TSLA) Stock Weighing on Elon’s Future Plans

The main thesis of the chart is based on something I have heard a fair amount regarding Tesla, Elon Musk, and debt obligations. Which is that a combination of TSLA stock price near $150 & Elon’s debt serving obligations would force him to sell about 15% of of his shares.

When looking at the chart he probably doesn’t even want to think about that. Unfortunately for him in less than half a year the price has been cut in half and is now in an accelerating selloff into a critical support level.

If this current level breaks there is open air to $140. Bears and Tesla critics would love to spend every dime they can to push that level and crush the company and its founder.

Elon knows this. So there must be great news and/or capital being raised for release asap or else Elon is forced to sell at the break of support so that bears do not break him when he is down another 30% from here.

This is the first time the current level has been tested. Bears are fiesty and they’ll likely been adding to positions. Therefore a short squeeze off this level would not be out of the ordinary.

The deciding factor is Elon himself. If he knows there is minimal capital and news to work with then he has to sell some. If that happens then traders will see it on the chart. Have conditional orders set and ride the short bus down to pound town.

Technical Bounce and/or Short Squeeze Looming?

Price has seen a 50% reduction in half a year into accelerating momentum the last couple weeks. A 50% retrace is a juicy Gann number, as is the previous support level wich has never been tested until now. Cocky Bears often add to positions on the way down, so the possibility of a short squeeze off of support is fairly common the see in an accelerated market.

It is crucial that Elon create some hype and financial support for a bounce or else he will personally feel it. We are essentially betting on his ability to save his own rear end. Good Luck!

You can trade TSLA with BTC at SimpleFX by clicking here

Charts are powered by the SCMR Analysis Suite

Disclaimer: http://www.coinstreetnews.com/disclaimer/

Altcoin Exchange

Trade Crypto, Forex, Commodities and more

Charting Tool