Investors keenly scrutinize insider trading activity as it offers valuable insights into a company’s potential. These moves can indicate executives’ confidence or concern, serving as a critical signal for stock market participants.
Tesla’s (NASDAQ: TSLA) Senior Vice President of Powertrain and Energy Engineering Andrew D. Baglino sold 10,500 of the carmaker’s shares with a total value of more than $2.5 million, according to a September 27 regulatory filing.
The move came just a few weeks after Baglino sold a similar amount of TSLA stock, suggesting the executive wanted to cash in some of his holdings after the automaker’s monster rally in 2023, Barchart data retrieved on October 2 showed.
Over the past year or so, Tesla insiders did not buy any company shares, while they sold several billion dollars’ worth.
TSLA chart analysis
At the time of publication on Monday, October 2, shares of Tesla were standing at $250.22, after closing 1.56% higher last Friday.
Over the past week, the electric vehicle (EV) stock gained more than 2.8%.
When it comes to the technical analysis aspect of Tesla’s performance, the company’s shares traded in a wide range over the past 30 days from $234.98 to $277.49. At its current price, TSLA is sitting slightly below the midpoint of this range.
Meanwhile, TSLA is positioned above an important support zone around the 100-day simple moving average (MA) at $242.33, indicating an area where buying pressure may increase should the stock experience a downtrend.
On the upside, the stock faces resistance in the area around $257, pointing to a territory where selling pressure may grow. Clearing this hurdle would clear the stage for TSLA to attack the next resistance zone located between $277.2 and $280.8.
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