Tesla, Inc. (NASDAQ:TSLA) horror year has gone from bad to worse

Tesla, Inc. (NASDAQ:TSLA) horror year has gone from bad to worse

Tesla, Inc. (NASDAQ:TSLA) horror year has gone from bad to worse

Tesla’s horror year has gone from bad to worse with images of another one of its electric cars charred following a fire — this time while apparently plugged in to one of the electric car maker’s own high-powered charging stations in Belgium.

Belgian media have published images and are reported on the latest fire involving a Model S, one that required a 24-hour water bath to tame the heat and ensure no flare-ups from the potent lithium-ion battery packs.

The fire reportedly happened in Antwerp on Saturday night, resulting in a severely damaged car and a Supercharger station that was partially melted.

It is the latest high profile fire involving Tesla, which has previously argued its cars are less likely than petrol-fuelled vehicles to catch fire.

Last month, Wedbush analyst Dan Ives warned investors there was “a code red situation at Tesla”, suggesting the company was focusing on other projects such as robotaxis rather than ensuring the success of the crucial Model 3, the first big volume car for the brand and a vehicle that goes on sale in Australia in August priced from $66,000, plus on-road costs.

Barclays analysts said confidence in Tesla was shrinking and that there was “a higher likelihood that Tesla is at best a niche automaker”. It comes in the face of intense competition that Tesla almost singlehandedly kickstarted.

Over the past week various business news outlets have also begun speculating on which companies may look to take over Tesla as its share price plummets; some of the companies being bandied about range from General Motors and Ford to tech companies Apple and Google.

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 237.24.

The projected upper bound is: 204.58.

The projected lower bound is: 162.20.

The projected closing price is: 183.39.

Candlesticks

A white body occurred (because prices closed higher 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 25 white candles and 25 black candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

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 18.2217. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 3 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 22.45. This is where it usually bottoms. 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 buy 23 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 -84. This is not a topping or bottoming area. The last signal was a buy 3 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 sell 13 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed down -3.060 at 185.160. Volume was 2% above average (neutral) and Bollinger Bands were 82% wider than normal.

Open High Low Close Volume___
185.100 189.920 184.100 185.160 10,406,732

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

Moving Averages: 10-period 50-period 200-period
Close: 195.23 246.67 295.52
Volatility: 53 54 70
Volume: 15,630,041 11,343,200 9,602,080

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 37.3% below its 200-period moving average and is in an downward 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 moderate flows of volume out of TSLA.O (mildly bearish). Our trend forecasting oscillators are currently bearish on TSLA.O and have had this outlook for the last 34 periods. Our momentum oscillator is currently indicating that TSLA.O is currently in an oversold condition. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.

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