02 Oct Electric car manufacture’s stocks plummet
The American dollar unexpectedly strengthened on the news about the possible impeachment of US President Donald Trump, even though traders massively began to close deals on shares.
What happened. On Tuesday, September 24, President of the House of Representatives Nancy Pelosi announced that an investigation would be launched against Trump to initiate an impeachment process. After that, the US stock market plummeted.
The Dow Jones30 industrial index fell -1.4% and has lost more than 400 points since opening. The S & P500 index lost -1.2% and approached the level of 2957.7. The high-tech NASDAQ index dipped -2.1% because sales of electric vehicles fell sharply in China. After that, shares of the Chinese company NIO fell by 21%, shares of Tesla Inc. – by more than -7%.
Tesla stock quotes formed a downward trading momentum as a result of the rebound in the price from the resistance level, 249.76 near which the market has consolidated over the past two weeks.
The return of the Tesla stock price to a downtrend indicates a further prospect of quotations falling to the support level of 210.83, with the likelihood of a subsequent decline to around 178.26.
The Chinese yuan again began to lose ground against the US dollar, after a timid attempt to return to the support level of 7.04 during the trading on September 24.
The trading dynamics of the USD/CNH currency pair continues to remain positive, keeping the current uptrend intact.
The closest point of growth of quotations of the pair USD/CNH is at around 7.19 yen.
Important: this review is not a recommendation or a direct or indirect call to action, being for informational purposes only.