Direxion Daily TSLA Bull And Bear ETFs Give Traders Flexibility To Leverage The Choppy Waters
Portfolio Pulse from Joshenomoto@benzinga.com
Tesla, Inc. (NASDAQ:TSLA) has been in the spotlight with recent news, including the approval of Elon Musk's $56 billion pay package and the development of new vehicles. Despite positive developments, challenges such as slowing EV sales and economic headwinds persist. Direxion's leveraged ETFs, TSLL and TSLS, offer traders opportunities to bet on TSLA's short-term movements.
June 18, 2024 | 12:06 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
The Direxion Daily TSLA Bear 1X Shares (TSLS) ETF is struggling to hold key support levels but could rise rapidly if negative news for Tesla materializes. Currently, TSLS is sitting atop its 200 DMA, which coincides with a long-term horizontal support line.
TSLS is at a critical support level, and its performance will depend on negative news for Tesla. The current technical setup is neutral but could turn bearish or bullish based on upcoming news.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla's stock is influenced by the approval of Elon Musk's $56 billion pay package and the announcement of new vehicle developments. However, challenges like slowing EV sales and economic headwinds remain.
The approval of Musk's pay package and new vehicle developments are positive for TSLA, but economic challenges and slowing EV sales create a mixed outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Direxion Daily TSLA Bull 2X Shares (TSLL) ETF is attempting to break out of a horizontal trend line, with rising volume levels since early April. The ETF is up around 11% from its 20-day EMA and 14% above its 50-day DMA.
The rising volume and positive technical indicators suggest a bullish short-term outlook for TSLL.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80