Tesla, Inc. (NASDAQ:TSLA) could be on the verge of a quarterly record for vehicle deliveries

Tesla, Inc. (NASDAQ:TSLA)  could be on the verge of a quarterly record for vehicle deliveries

Tesla, Inc. (NASDAQ:TSLA) could be on the verge of a quarterly record for vehicle deliveries

Tesla Inc. could be on the verge of a quarterly record for vehicle deliveries, though the electric-car maker will need to go “all out” in the last few days of the month, Chief Executive Officer Elon Musk wrote in an internal memo.

“There is a lot of speculation regarding our vehicle deliveries this quarter,” Musk told employees in an email Tuesday. “The reality is that we are on track to set an all-time record, but it will be very close. However, if we go all out, we can definitely do it!”

Tesla shares have slumped 34% this year, in part due to demand concerns that Musk has repeatedly downplayed. The company has forecast it will deliver 90,000 to 100,000 cars in the second quarter after handing over just 63,000 vehicles to customers in the first three months of the year.

A Tesla representative didn’t immediately respond to a request for comment. The company’s previous best for quarterly deliveries was 90,700 vehicles in the last three months of 2018.

“We already have enough vehicle orders to set a record, but the right cars are not yet all in the right locations,” Musk wrote. “Logistics and final delivery are extremely important, as well as finding demand for vehicle variants that are available locally, but can’t reach people who ordered that variant before the end of the quarter.”

Still Skepticism

Analysts’ average price target for Tesla shares has slumped to $269.39 from $342.84 at the beginning of this year, according to data compiled by Bloomberg. Sixteen analysts recommend selling the stock, compared with eight holds and 12 buys.

Some of Tesla’s skeptics, including Goldman Sachs’ David Tamberrino, are cautioning that while deliveries may beat the low end of the company’s guidance for the second quarter, the strong showing may not be sustainable. The U.S. federal tax credit that Tesla’s Model 3, Model S and Model X will be eligible for shrinks to $1,875 as of July 1, from $3,750.

“We believe a downward path for shares will resume as it becomes more clear that sustainable demand for the company’s current products are below expectations,” Tamberrino wrote in a report last week.

Musk, who turns 48 this week, is going to keep on pushing. When asked by a Twitter follower Tuesday what his plans were for celebrating his birthday, his reply echoed his internal email.

“Working on Tesla global logistics,” the billionaire wrote.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 238.87.

The projected lower bound is: 198.73.

The projected closing price is: 218.80.

Candlesticks

A black body occurred (because prices closed lower 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 22 white candles and 28 black candles for a net of 6 black candles.

An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with TESLA INC). It then signifies that the momentum may be shifting from the bulls to the bears.

If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.

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 38.4571. This is not an overbought or oversold reading. The last signal was a sell 9 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 52.21. 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 15 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 50. This is not a topping or bottoming area. The last signal was a sell 4 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 14 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed down -3.880 at 219.760. Volume was 44% below average (neutral) and Bollinger Bands were 14% wider than normal.

Open High Low Close Volume___
224.390 225.340 219.490 219.760 6,182,071

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

Moving Averages: 10-period     50-period     200-period
Close: 219.92 225.50 287.00
Volatility: 44 58 71
Volume: 9,440,532 12,167,861 9,814,940

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 23.4% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of TSLA.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on TSLA.O and have had this outlook for the last 8 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH