Tesla, Inc. (NASDAQ:TSLA) extending their gains to a third straight session

Tesla, Inc. (NASDAQ:TSLA) extending their gains to a third straight session

Tesla, Inc. (NASDAQ:TSLA) extending their gains to a third straight session

Shares of Tesla Inc. TSLA, +4.91% on Wednesday hovered at their best in seven weeks and extended their gains to a third straight session. The stock is up more than 8% in September, a contrast with losses of nearly 7% in August.

Chief Executive Elon Musk late Tuesday tweeted the Model S, Tesla’s luxury sedan, had just set a record for the fastest four-door sedan “ever,” promising a video of the alleged feat later today. Tesla shares have lost 26% this year, in contrast with gains of more than 19% for the S&P 500 index. SPX, +0.72%

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 269.98.

The projected lower bound is: 225.02.

The projected closing price is: 247.50.

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 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 5 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 94.7709. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 64.38. 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 33 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 198.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 10 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 7 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 11.560 at 247.100. Volume was 10% above average (neutral) and Bollinger Bands were 35% narrower than normal.

Open     High      Low     Close     Volume___
237.380 248.174 236.000 247.100 10,042,777
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 228.01 233.49 267.86
Volatility: 38 60 61
Volume: 6,020,060 7,353,765 9,000,498

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 7.7% below its 200-period moving average and is in an upward trend. Volatility is 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 1 periods.

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