Tesla, Inc. (NASDAQ:TSLA) blames stock short-seller for ‘completely false’ claims of unintentional acceleration
Tesla is disputing claims that all three models of its electric vehicles could unexpectedly accelerate without the driver taking action.
The car company issued a statement on Monday afternoon, saying a stock short-seller was behind the claims, which resulted in a National Highway Traffic Safety Administration inquiry over the weekend. Short-sellers are investors who borrow shares in a company’s stock to sell it on the market with plans of buying it back at a cheaper price later.
“We investigate every single incident where the driver alleges to us that their vehicle accelerated contrary to their input, and in every case where we had the vehicle’s data, we confirmed that the car operated as designed,” the company said in a statement Monday. “In other words, the car accelerates if, and only if, the driver told it to do so, and it slows or stops when the driver applies the brake.”
The NHTSA said it would review the petition that was filed and decide whether to launch a full investigation. The petition covers about 500,000 Tesla Model 3, Model S and Model X vehicles manufactured between 2013 and 2019. The petitioner, Brian Sparks of Berkeley, California, claims Tesla owners had filed 127 government complaints, covering 110 crashes and 52 injuries.
NHTSA said it would “carefully review the petition and relevant data,” according to a statement released Friday. “The Office of Defects Investigation will conduct a technical analysis and decide whether or not to grant or deny the petition. If the petition is granted, a defect investigation will be opened.”
Tesla called the petition “completely false” and said it had previously discussed the majority of the complaints alleged in the petition with the NHTSA. In every case it reviewed, the data proved the vehicle functioned properly, according to Tesla.
“We are transparent with NHTSA, and routinely review customer complaints of unintended acceleration with them,” it added.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 420.61.
The projected upper bound is: 547.14.
The projected lower bound is: 481.59.
The projected closing price is: 514.37.
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 32 white candles and 17 black candles for a net of 15 white 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 51.0262. This is not an overbought or oversold reading. The last signal was a sell 1 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 71.79. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 37 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 67. This is not a topping or bottoming area. The last signal was a sell 1 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 buy 24 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -2.990 at 510.500. Volume was 30% above average (neutral) and Bollinger Bands were 113% wider than normal.
Open High Low Close Volume___
507.610 515.670 503.160 510.500 13,629,073
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 497.75 392.01 277.73
Volatility: 70 48 59
Volume: 20,943,652 11,599,161 10,070,189
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 83.8% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into TSLA.O (mildly bullish). Our trend forecasting oscillators are currently bullish on TSLA.O and have had this outlook for the last 21 periods. Our momentum oscillator is currently indicating that TSLA.O is currently in an overbought condition.