Tesla Inc (NASDAQ:TSLA) Chairman Hyperloop Is Happening

Tesla Inc (NASDAQ:TSLA) Chairman Hyperloop Is Happening

Tesla Inc (NASDAQ:TSLA) Chairman Hyperloop Is Happening

  • Tesla Inc. (TSLA) chairman and CEO Elon Musk’s idea to build an underground high-speed transportation system could happen by the end of the year.
  • Musk took to Twitter on Thursday to announce The Boring Company, a tunnel-drilling company he founded, had received “verbal” government approval to build an underground Hyperloop between New York City and Washington, D.C. that could carry goods and people between the two cities in less than 30 minutes.
  • A Boring Company spokesman confirmed the “verbal support” and said the company expects formal approval will happen to break ground by the end of the year. Neither Musk nor the spokesman specified who gave the verbal approval.
  • “The Boring Company has had a number of promising conversations with local, state and federal government officials,” the spokesman said in an email. “With a few exceptions, feedback has been very positive, and we have received verbal support from key government decision-makers for tunneling plans, including a Hyperloop route from New York to Washington DC.
  • We look forward to future conversations with the cities and states along this route and we expect to secure the formal approvals necessary to break ground later this year.”

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: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

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

The projected upper bound is: 354.59.

The projected lower bound is: 305.60.

The projected closing price is: 330.09.

TESLA INC closed up 4.660 at 329.920. Volume was 30% below average (neutral) and Bollinger Bands were 72% wider than normal.

Open            High            Low              Close           Volume
326.900      330.220      324.200      329.920      5,166,188

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period       50-period      200-period
Close:                       324.02            341.10            264.85
Volatility:                35                    46                    42
Volume:                   9,189,684      8,164,422      5,929,075

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 24.6% above 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 11 periods.

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 76.8421. This is not an overbought or oversold reading. The last signal was a buy 7 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 45.74. 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 17 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 0. This is not a topping or bottoming area. The last signal was a buy 7 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 20 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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