Tesla Share Price Stalls After Board Chair Sells $22m Worth of Stock Options

Summary:

Tesla share price stalls as Chairman of the Board exercises 31,250 of the company stock options allocated to her, netting $22m.

The Tesla share price action for the day showcases muted price action after a Tesla insider sold $22m worth of shares in a planned sale.

In an exercise of her stock options in a sale executed on Monday, Tesla’s Chair Robyn Denholm sold 31,250 shares at an average price of $714.19 per share.

Tesla’s share price has struggled after hitting $900 a share on January 25. After dipping to just above $546 in May, a recovery has been slow and has peaked at the August 4 high of $724.90.

The stock is trading 0.74% higher as of writing.

Tesla Share Price Outlook

The resistance at 725.47 appears to be holding. A decline following price rejection at that level targets 693.75 initially, before subsequent support levels come in at 668.60 (June 25 high/July 26 low) and 628.76.

On the other hand, a continuation of the recovery move requires a break of 725.47. This scenario opens the door to 743.70 and 779.23.