TESLA INC. (NASDAQ:TSLA): Investors dump Tesla shares despite Elon Musk saying his company's market cap will one day skyrocket to $30 trillion

Tesla stock sunk 2.44% on Friday to close at $178.01, just above its 50-day EMA (green line), after shareholders voted to reinstate Elon Musk 's $56 billion pay package at Tesla's Annual Shareholder Meeting. Musk told his shareholders, after the announcement of the voting results, that one day Tesla will sell 100 million EVs annually and his robots will power the company to a $30 trillion market cap. All eyes are now focused on the unveiling of his robotaxis on August 8.

The downtrend of Tesla stock remains intact. The stock is retesting its 50-day EMA. If TSLA can stay above the 50-day EMA, Tesla bulls may try to push the stock higher to retest the $207.25 resistance level. Beware though, the stock could pull back down to retest the trendline support, ~ $140, if the 50-day EMA can't hold. Stay tuned and tighten your seat belts!

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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