The US electric car maker Tesla (NASDAQ: TSLA) stock closed almost 8% higher on Tuesday after the company has officially opened its new car plant in Germany and started shipping electric vehicles. Tesla stock closed at 993$ on Tuesday.
Tesla has delivered the first batch of Model Y cars from its new factory to clients in Germany on Tuesday. The factory is set to produce 500,000 electric vehicles annually, and batteries for the cars. The company is also planning to double its annual production output to nearly 2 million cars this year.
"This is a great day for the factory, it is another step in the direction of a sustainable future" – Tesla CEO, Elon Musk said.
Asian shares and U.S. stock futures rose on Wednesday as investors tried to shake off worries about the Russia and Ukraine tensions. Wall Street ended higher on Tuesday supported by the tech and EV stocks rally.
Crude oil futures slightly recovered from the previous session losses following the release of API crude inventory data. The data showed the US crude stocks fell by 4.3 million barrels for the week ended Mar. 18, following a 3.8-million-barrel rise in the previous week.
In the currency market, the US dollar index closed lower on Tuesday after the index failed to break above the psychological resistance of 99.00. The Index started this week with strong upside momentum boosted by the prospects for further tightening of the US Federal Reserve's monetary policy.
The safe-haven metal rebounded back to above $1920 but overall sentiment remains bearish throughout this week after the hawkish speech of the head of the US Federal Reserve, Jerome Powell.
On the data front, UK inflation reported higher-than-expected. The inflation increased to 6.2% in February of 2022 from 5.5% in January and above market forecasts of 5.9%.
Moving ahead today, the important events to watch:
US – New home sales: GMT – 14.00
US – EIA crude inventories: GMT – 14.30
Worldwide, more than 470 million people have been confirmed infected and more than 6.09 million have died. The United States has confirmed over 79.7 million cases and has had more than 970,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook and Review
EURUSD: For today, the immediate support for the Euro stands near the level of 1.0960. On the flip side, the first resistance at 1.1050 any break above this level will open 1.1100 minimum.
The important levels to watch for today: Support- 1.0990 and 1.0960 Resistance- 1.1045 and 1.1080.
GOLD: On the daily time frame, the gold is currently supported at $1910, and the resistance is around $1940. On the upper side, the long-term buyers should wait for a daily close above the $1950.
The important levels to watch for today: Support- 1918 and 1910 Resistance- 1936 and 1944.
Quote of the day - The good speculators always wait and have patience, waiting for the market to confirm their judgement.