Tesla Charges North, Pulls Cathie Wood-Led ARKK And 2X Leveraged TARK ETFs Higher: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Tesla's stock rose over 3% on Tuesday, breaking up from a bull flag pattern on the daily chart. This rise also confirmed Tesla’s uptrend remains intact. Wells Fargo and Morgan Stanley analysts maintained their ratings on the stock, with a slight decrease in price target from Wells Fargo. Tesla's rise also pulled Cathie Wood-led Ark Innovation ETF (ARKK) and AXS 2x Innovation ETF (TARK) higher, with TARK shooting up over 6% on Tuesday.
October 10, 2023 | 4:16 pm
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POSITIVE IMPACT
ARKK moved higher in tandem with Tesla, which holds a 10.8% weighting in the ETF.
As Tesla, which holds a significant weighting in ARKK, rises, it pulls the ETF higher as well, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
TARK, a 2X leveraged ETF aiming to return 200% of the daily performance of ARKK, shot up over 6% on Tuesday.
TARK's significant rise is directly linked to the rise in Tesla's stock and ARKK, indicating a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla's stock rose over 3% on Tuesday, confirming its uptrend. Analysts from Wells Fargo and Morgan Stanley maintained their ratings on the stock.
The rise in Tesla's stock price, along with the maintained ratings from analysts, indicates a positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100