Tesla, Inc. (NASDAQ:TSLA) has “a decent shot at a record quarter on every level”

Tesla, Inc. (NASDAQ:TSLA) has “a decent shot at a record quarter on every level”

Tesla, Inc. (NASDAQ:TSLA) has “a decent shot at a record quarter on every level”

Tesla has “a decent shot at a record quarter on every level”, CEO Elon Musk has told the company’s annual shareholder meeting, soothing concerns about weak demand for the electric car maker’s sedans.

Tesla’s stock rose 3.6 per cent to $US225 in extended trading on Tuesday. Musk also said the company was on track to hit its volume production goal by the end of this year.

The company’s deliveries fell 31 per cent in the first quarter, sparking concerns about the company’s ability to make profits and meet its delivery targets as it grapples with issues related to cash flow and manufacturing while rivals step up electric efforts.

Musk had made similar comments last month saying the company was on track to hit record deliveries in the second quarter.

Musk said he was feeling good about demand for Tesla’s cars and it was unlikely to be an issue that would slow production and deliveries.

Tesla previous said it plans to deliver 90,000 to 100,000 vehicles to customers in the second quarter versus 63,000 vehicles in the first, and is aiming to deliver 360,000 to 400,000 vehicles in 2019.

Musk said the company was hoping to unveil its electric pick-up truck this northern summer and get into semi truck production toward the end of next year.

The company was still looking for a right place in Europe to build a gigafactory, Musk said at the Hawthorne, California meeting, and Tesla was likely to firm up on a decision by the end of the year.

Overall, the bias in prices is: Downwards.

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

By the way, prices are vulnerable to a correction towards 230.34.

The projected upper bound is: 238.23.

The projected lower bound is: 193.46.

The projected closing price is: 215.84.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

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 85.6957. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 5 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 52.62. 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 5 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 168.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 5 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 4 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 4.220 at 217.100. Volume was 10% above average (neutral) and Bollinger Bands were 15% wider than normal.

Open High Low Close Volume___
219.143 220.900 213.500 217.100 11,653,537

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

Moving Averages: 10-period 50-period 200-period
Close: 197.28 236.86 291.18
Volatility: 61 61 71
Volume: 12,916,879 12,244,473 9,708,261

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 25.4% below 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 41 periods.

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