Tesla, Inc. (NASDAQ:TSLA) crushed analysts’ consensus estimates

Tesla, Inc. (NASDAQ:TSLA) crushed analysts’ consensus estimates

Shares of electric-car maker Tesla (NASDAQ:TSLA) are soaring in after-hours trading on Thursday. As of 5:23 p.m. EDT, the stock was up more than 18% — about $85 per share higher than the $454.47 price it closed the trading day at.

The stock’s steep rise was driven by the release of Tesla’s first-quarter delivery numbers, which crushed analysts’ consensus estimates.

Tesla said it delivered 88,400 vehicles for the quarter, and while that figure was down 21% sequentially, it was up 40% year over year. The automaker also said it produced 102,672 vehicles during the quarter. Impressively given the coronavirus-related factory shutdowns during the period, that was only a few thousand vehicles short of the record 104,891 vehicles the automaker produced in Q4.

Management said the Model 3 and its recently launched Model Y accounted for 76,200 of those 88,400 vehicles. Combined Model S and Model X deliveries for the period were 12,200.

Those results far exceeded analysts’ average forecast of 79,908. Those figures had been adjusted lower in recent weeks as analysts attempted to gauge the impact of the COVID-19 pandemic on the electric-car company.

While manufacturing at Tesla’s factory in Fremont, California, remains on hold, the company said that it is ramping up production at its new factory in Shanghai, China, “despite significant setbacks.”

There was no mention of whether the automaker still expects to hit its prior full-year guidance for deliveries in excess of 500,000 vehicles.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 569.73.

The projected upper bound is: 607.04.

The projected lower bound is: 297.29.

The projected closing price is: 452.17.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 18.9026. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 3 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 38.68. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 10 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -11. This is not a topping or bottoming area. The last signal was a buy 9 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 5 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed down -27.090 at 454.470. Volume was 12% above average (neutral) and Bollinger Bands were 29% wider than normal.

Open     High      Low     Close     Volume___
481.030 494.260 446.400 454.470 19,858,428
Technical Outlook 
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 491.08 650.44 385.60
Volatility: 122 156 94
Volume: 18,363,862 21,002,554 12,334,009

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

TESLA INC is currently 17.9% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of TSLA.O (mildly bearish). Our trend forecasting oscillators are currently bearish on TSLA.O and have had this outlook for the last 22 periods.

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