Tesla, Inc. (NASDAQ:TSLA) crosses $100 bln stock market valuation in extended trading

Tesla, Inc. (NASDAQ:TSLA) crosses $100 bln stock market valuation in extended trading

Tesla, Inc. (NASDAQ:TSLA) crosses $100 bln stock market valuation in extended trading

Tesla Inc TSLA.O became the first $100 billion publicly listed U.S. carmaker in extended trading on Tuesday, in a sign of Wall Street’s confidence in an all-electric future.

The milestone comes less than a month after Tesla’s stock crossed $420, the infamous price at which Chief Executive Officer Elon Musk had tweeted he would take the electric car maker private.

Musk tweeted he had “funding secured” to take Tesla private in August 2018, when its shares were trading in the mid-$330s, only to later give up under investor pressure and regulatory concerns.

Tesla shares were last up 1.4% at $555 after the bell, building on a 7.2% gain during trading when brokerage New Street Research raised its price target to $800.

Tesla’s market value also puts Musk a step closer to earning the first $346 million tranche of options in a record-breaking pay package.

The $100 billion valuation needs to stay for both a one-month and six-month average in order to trigger the vesting of the first of 12 tranches of options granted to Musk to buy Tesla stock.

Tesla, which is already valued more than Ford Motor Co F.N and General Motors Co GM.N combined, has seen its stock more than double in the last three months, fueled by a rare quarterly profit in October, news of production ramp-up in its China factory and better-than-expected annual car deliveries.

In another win, Tesla reached a settlement with Michigan to allow it to directly deliver its vehicles to customers in the state, a person familiar with the agreement said on Tuesday.

Technical Indicators

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 425.34.

The projected upper bound is: 587.11.

The projected lower bound is: 516.11.

The projected closing price is: 551.61.

Candlesticks

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 rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 11 rising windows in the last 50 candles–this makes the current rising window even more bullish.

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 61.0791. This is not an overbought or oversold reading. The last signal was a sell 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 77.46. 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 38 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 116.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 25 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 36.700 at 547.200. Volume was 69% above average (neutral) and Bollinger Bands were 118% wider than normal.

Open     High      Low     Close     Volume___
530.250 548.580 528.410 547.200 17,803,472
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 507.32 396.42 279.12
Volatility: 77 51 59
Volume: 21,708,250 11,796,412 10,040,602

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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
TESLA INC is currently 96.0% 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 22 periods. Our momentum oscillator is currently indicating that TSLA.O is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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