Tesla, Inc. (NASDAQ:TSLA) report says China sales sank 70% in October
Shares of electric car maker Tesla fell in Tuesday’s premarket following a report that its vehicle sales in China plunged 70 percent in October from a year ago.
An official at China’s passenger car association reportedly told Reuters that data from the industry body showed Tesla sold just 211 cars in the world’s largest auto market in October.
A Tesla spokesperson offered the following comment to CNBC:
“This is wildly inaccurate. While we do not disclose regional or monthly sales numbers, these figures are off by a significant margin.”
Tesla shares signaled an opening price decline of 1.7 percent.
Tesla imports all of the vehicles it sells in China, highlighting how the ongoing trade dispute between the United States and China is hampering the U.S. automaker, which is led by Elon Musk.
In announcing its third-quarter production numbers last month, Tesla said it was able to “significantly increase” deliveries of its Model S and Model X cars “notwithstanding the headwinds we have been facing from the ongoing trade tensions between the US and China.”
The electric vehicle company pointed out that China has put an import tariff of 40 percent on Tesla vehicles, compared with 15 percent for other vehicles imported to China. Tesla said it costs 55 percent to 60 percent more to make its vehicles than “the exact same car” made by Chinese producers.
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 319.11.
The projected upper bound is: 385.70.
The projected lower bound is: 304.11.
The projected closing price is: 344.90.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
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 36.1999. This is not an overbought or oversold reading. The last signal was a buy 1 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 56.18. 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 55 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 -26. This is not a topping or bottoming area. The last signal was a buy 1 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 sell 9 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -2.080 at 343.920. Volume was 38% below average (neutral) and Bollinger Bands were 63% narrower than normal.
Open High Low Close Volume___
340.050 346.960 335.500 343.920 6,358,300
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 344.04 308.27 311.55
Volatility: 51 89 72
Volume: 6,327,427 10,062,232 9,121,211
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 is currently 10.4% above its 200-period moving average and is in an upward 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 into TSLA.O (mildly bullish). Our trend forecasting oscillators are currently bullish on TSLA.O and have had this outlook for the last 23 periods.