Tesla, Inc. (NASDAQ:TSLA) Controversial CEO plans announcement via Twitter

Tesla, Inc. (NASDAQ:TSLA) Controversial CEO plans announcement via Twitter

Tesla, Inc. (NASDAQ:TSLA) Controversial CEO plans announcement via Twitter

Tesla rose more than 5% Wednesday as investors awaited news from CEO Elon Musk, who announced that he’ll have something to say Thursday via his Twitter account, which itself has been the subject of much scrutiny in recent days. 

Musk recently tweeted that Tesla will deliver 500,000 vehicles in 2019, a number that was 100,000 more than the company said it would deliver during its latest earnings release. Musk apologized and deleted the tweet after realizing his mistake, but the SEC doesn’t seem to be impressed with his mea culpa.

On Tuesday, U.S. District Judge Alison Nathan said Musk will need to write to the court by March 11 and plead his case after the SEC said Monday that a Tweet from Musk earlier this month, in which he appeared to reveal material information on Tesla’s production schedule, violated a September 2018 settlement that prohibited the CEO from sharing company information without vetting from legal counsel.

“Defendant Elon Musk shall submit to this Court by March 11, 2019, briefing to show cause, if any, why he should not be found in contempt of the Court’s Final Judgement,” Judge Nathan wrote.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 315.99.

The projected upper bound is: 350.06.

The projected lower bound is: 276.94.

The projected closing price is: 313.50.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 65.5528. This is not an overbought or oversold reading. The last signal was a buy 2 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 53.69. 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 116 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 75. This is not a topping or bottoming area. The last signal was a buy 0 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 0 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 16.880 at 314.740. Volume was 40% above average (neutral) and Bollinger Bands were 60% narrower than normal.

Open High Low Close Volume___
301.780 316.295 300.550 314.740 11,183,908

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

Moving Averages: 10-period 50-period 200-period
Close: 302.53 316.78 316.27
Volatility: 45 73 74
Volume: 6,660,067 7,574,084 9,044,062

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 0.5% below its 200-period moving average and is in an downward trend. Volatility is low 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 5 periods.

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