Tesla, Inc. (NASDAQ:TSLA) 15,870 Robinhood users added Tesla to their portfolio

Tesla, Inc. (NASDAQ:TSLA) 15,870 Robinhood users added Tesla to their portfolio

Tesla, Inc. (NASDAQ:TSLA) 15,870 Robinhood users added Tesla to their portfolio

According to Markets Insider’s weekly track of data, a net 15,870 Robinhood users added Tesla to their portfolio in the past week, making it the most-added stock on the app over that time. Tesla now has 97,404 Robinhood shareholders, ranking 20th among all stocks on the platform.

Tesla shares were hit hard after CEO Elon Musk on Friday sent a letter to employees saying the company would lay off approximately 7% of its staff – around 3,000 employees – due specifically to pressure on profits and the Model 3’s production challenges.

“Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months,” Musk said.

“Higher volume and manufacturing design improvements are crucial for Tesla to achieve the economies of scale required to manufacture the standard range (220 mile), standard interior Model 3 at $US35k and still be a viable company. There isn’t any other way.”

The past half year has been a roller-coaster ride for Tesla shareholders.

The stock topped out above $US387 on August 7, when Musk tweeted that he had “funding secured” to take Tesla private at $US420 a share. Musk didn’t have funding secured and was sued by the Securities and Exchange Commission for misleading the public. He later settled with the regulator, agreeing to step down as Tesla chairman for at least three years and pay a $US20 million fine.

Tesla’s stock tanked to $US250 in the wake of the go-private saga. It then managed to climb back above $US350 after the company posted a surprise third-quarter profit thanks to strong revenue generated by its Model 3 sedan.

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 325.30.

The projected upper bound is: 328.50.

The projected lower bound is: 252.13.

The projected closing price is: 290.31.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white 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 10.8261. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 6 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 37.26. 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 93 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 -135.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 4 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 sell 2 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 3.920 at 291.510. Volume was 11% below average (neutral) and Bollinger Bands were 6% wider than normal.

Open High Low Close Volume___
283.030 293.680 279.283 291.510 8,012,155

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 324.47 337.63 315.00
Volatility: 89 75 74
Volume: 8,752,741 7,362,821 9,033,819

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 7.5% below 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 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 3 periods.

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