Tesla, Inc. (NASDAQ:TSLA) average $335 target
Analysts either love or hate Tesla.
RBC slashed its price target on Monday, suggesting 20 percent downside, and reiterated an underperform rating. Meanwhile, the rest of the Street has an average $335 target, which implies 30 percent upside.
Technical analyst Ari Wald is in the hate-it camp, arguing that aimless price direction means investors should steer clear of the stock.
In the past 12 months, Tesla shares have moved as high as $387 and as low as $244.59. It is 34 percent off its August peak, a level reached after CEO Elon Musk falsely tweeted that the company had secured funding to go private.
“It’s paid to buy it when it’s ugly and sell it when it starts to look good, so with that in mind it probably looks more positive than not, just considering how bad it’s performed,” said Wald. “Two-hundred-fifty dollars is the big support range level, $360 is the upside there.”
A move back up to $360 marks nearly 40 percent upside from Monday’s close. However, that does not mean Tesla is a buy, says Wald.
“You can see the flat 200-day that exemplifies that directionless action,” he said. “If we allocate toward stocks that trend, this isn’t one of them.”
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 303.77.
The projected upper bound is: 295.35.
The projected lower bound is: 237.01.
The projected closing price is: 266.18.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 3 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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 34.7277. This is not an overbought or oversold reading. The last signal was a buy 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 39.90. 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 135 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 -74. This is not a topping or bottoming area. The last signal was a buy 0 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 6 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed up 7.350 at 267.770. Volume was 8% below average (neutral) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume___
264.440 270.260 264.430 267.770 7,350,948
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 273.17 298.11 315.38
Volatility: 47 60 74
Volume: 8,998,222 8,787,080 9,360,895
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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
TESLA INC is currently 15.1% below 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 24 periods.