Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk gave his annual review and outlook on the company to investors

Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk gave his annual review and outlook on the company to investors

Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk gave his annual review and outlook on the company to investors

Tesla’s recent strong run hit a big bump today after the company’s shareholder meeting yesterday. The stock was up nearly twenty percent in the last ten days but fell 3.61 percent a day after CEO Elon Musk gave his annual review and outlook on the company to investors.

“The — sales have far exceeded production, and production’s been pretty good. So we’re actually doing well. We have a decent shot at a record quarter on every level. If not, it’s going to be very close, but we’ve got a shot at a record quarter. And 90% of orders are coming from nonreservation holders, so these are new customers.”

Tesla’s stock has plunged 35% this year, setting the name up for its worst annual performance since its 2010 initial public offering.

However, shares have seen a resurgence in the last week, rallying 23% since touching a 2 1/2-year low earlier this month. The upside comes as analysts in recent weeks have grown increasingly optimistic — a departure from sentiment that hit rock bottom.

Musk, who has in the past made promises about the company that have not fully panned out, also said during the meeting it “won’t be long before we have a 400-mile range car.” As it stands, the longest-range Model S that Tesla offers can achieve 370 miles when fully charged.

He also declared that Tesla might make a move into mining. “We might get into the mining business. I don’t know,” Musk said.

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 229.75.

The projected lower bound is: 185.58.

The projected closing price is: 207.66.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
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 21 white candles and 29 black candles for a net of 8 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 75.0118. This is not an overbought or oversold reading. The last signal was a sell 0 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 47.48. 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 6 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 111.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 6 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 -7.840 at 209.260. Volume was 42% above average (neutral) and Bollinger Bands were 4% wider than normal.

Open High Low Close Volume___
222.950 223.380 209.000 209.260 15,197,544

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

Moving Averages: 10-period 50-period 200-period
Close: 199.22 235.26 290.62
Volatility: 68 61 71
Volume: 13,239,770 12,386,215 9,758,512

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 28.0% 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 42 periods.

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