Indonesian President Joko Widodo said he will send a high-level team next week to meet with top executives of U.S. automaker Tesla TSLA.O as the Southeast Asian country aims to become the world’s biggest producer of electric vehicle batteries.
The president, known by his popular name Jokowi, told Reuters in an interview on Friday the trip will be part of Indonesia’s promotion of its new, so-called “Omnibus” Job Creation law, which simplifies doing business in Indonesia.
“Next week we will send a large team to America and Japan, to promote the Omnibus,” Jokowi said.
The trip comes after Jokowi congratulated U.S. President-elect Joe Biden on his win. The Indonesian leader said he hoped a Biden administration would promote “stability” and “world peace”.
Led by Coordinating Minister of Maritime Affairs and Investment Luhut Pandjaitan, the team is set to meet with Tesla executives, he said.
“It’s very important because we have a great plan to make Indonesia the biggest producer of lithium batteries and we have the biggest nickel (reserves),” Jokowi said.
In a separate interview, Luhut said he would also hold meetings with the World Bank and U.S. fund managers to talk about the Omnibus law and Indonesia’s environmental projects.
Luhut declined to comment specifically on the planned meeting with Tesla, but said that “there is a really good chance” that companies will want to invest in Indonesian nickel processing to cut costs.
Tesla’s chief executive Elon Musk has said he is planning to offer a “giant contract for a long period of time” so long as the nickel is mined “efficiently and in an environmentally sensitive way”.
Tesla, Inc., formerly Tesla Motors, Inc., designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.
The Company operates through two segments: Automotive, and Energy generation and storage.
The Automotive segment includes the design, development, manufacturing, and sales of electric vehicles.
The Energy generation and storage segment includes the design, manufacture, installation, and sale or lease of stationary energy storage products and solar energy systems to residential and commercial customers, or sale of electricity generated by its solar energy systems to customers.
The Company produces and distributes two fully electric vehicles, the Model S sedan and the Model X sport utility vehicle (SUV). It also offers Model 3, a sedan designed for the mass market.
It develops energy storage products for use in homes, commercial facilities and utility sites.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 470.48.
The projected lower bound is: 346.58.
The projected closing price is: 408.53.
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 24 white candles and 26 black candles for a net of 2 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 29.1009. This is not an overbought or oversold reading. The last signal was a sell 4 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 46.25. 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 sell 51 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 -58. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -3.260 at 408.500. Volume was 69% below average (consolidating) and Bollinger Bands were 63% narrower than normal.
Open High Low Close Volume 410.850 412.532 401.660 408.500 19,830,352
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 418.24 418.70 259.83 Volatility: 52 100 115 Volume: 26,788,226 51,297,024 76,573,704
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.
TESLA INC is currently 57.2% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods.
Our volume indicators reflect volume flowing into and out of TSLA.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on TSLA.O and have had this outlook for the last 10 periods.