Tesla, Inc. (NASDAQ:TSLA) Model Y unveiling by CEO Elon Musk failed to wow Wall Street
The Tesla Model Y unveiling by CEO Elon Musk failed to wow Wall Street, with Tesla tumbling in Friday’s stock market. But setting aside the Model Y and all the drama surrounding the luxury electric vehicle maker, Tesla stock has been a poor performer for quite some time.
The latest Tesla stock slide came after a failed early December breakout from a 366.85 cup-with-handle buy point. No shame there, with the stock market correction going into overdrive. But Tesla stock is now significantly below where it was on Dec. 24, when the correction ended. Meanwhile, the current stock market rally has powered higher.
Back on Aug. 7, Tesla stock cleared a short consolidation, when it spiked 17% to just hit an all-time high of 387.46 after Elon Musk made his infamous “go private” and “funding secured” tweets. Shares fell back the next day, tumbling to 247.77 two months later.
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 309.98.
The projected upper bound is: 305.74.
The projected lower bound is: 243.73.
The projected closing price is: 274.74.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 5 falling windows in the last 50 candles–this makes the current falling window even more bearish.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 51.1935. This is not an overbought or oversold reading. 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 39.04. 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 128 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 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -14.530 at 275.430. Volume was 100% below average (consolidating) and Bollinger Bands were 26% narrower than normal.
Open High Low Close Volume___
283.510 283.724 274.400 275.430 3,716
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 282.75 306.95 316.46
Volatility: 49 63 75
Volume: 9,330,745 8,175,422 9,294,440
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.
TESLA INC gapped down today (bearish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
TESLA INC is currently 13.0% below its 200-period moving average and is in an downward 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 bearish on TSLA.O and have had this outlook for the last 17 periods. 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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