Tesla, Inc. (NASDAQ:TSLA) sets a fresh high mark with 87,048 vehicles produced and 95,200 vehicles delivered in the second quarter

Tesla, Inc. (NASDAQ:TSLA) sets a fresh high mark with 87,048 vehicles produced and 95,200 vehicles delivered in the second quarter

Tesla, Inc. (NASDAQ:TSLA) sets a fresh high mark with 87,048 vehicles produced and 95,200 vehicles delivered in the second quarter

Indeed, Tesla shares went on to jump as much as 7.6% yesterday (then settled to close up nearer to 5%) after the company did exactly that, setting a fresh high mark with 87,048 vehicles produced and 95,200 vehicles delivered in the second quarter. The latter marked growth of 134% year over year, 51% sequentially from last quarter, and was well above Wall Street’s average estimates for 91,000 deliveries.

Tesla elaborated that it entered the third quarter with an increase in order backlog, as orders generated exceeded deliveries, and that it made “significant progress streamlining […] global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to [its] working capital position.”

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Make no mistake: That’s a good thing for margins considering the vast majority of Tesla’s Q2 deliveries (77,550) were the lower-priced Model 3 variety.

Still, many industry watchers continue to express skepticism for whether this demand is truly sustainable over the longer term — though given current visibility, Tesla believes it should be able to continue growing production and deliveries at least into the third quarter.

We’ll hear more to that end when Tesla releases its final second-quarter results either late this month or in early August. But given its encouraging progress in the meantime — and relentless prodding from Tesla bears notwithstanding — it was no surprise to see the stock bouncing higher in response.

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 254.38.

The projected lower bound is: 214.26.

The projected closing price is: 234.32.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black 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 3 rising windows in the last 50 candles–this makes the current rising window even more bullish.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 62.0434. This is not an overbought or oversold reading. The last signal was a sell 15 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 62.88. 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 21 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 246.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 1 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 20 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 10.350 at 234.900. Volume was 27% above average (neutral) and Bollinger Bands were 43% narrower than normal.

Open High Low Close Volume___
239.390 241.570 234.510 234.900 14,201,148

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period     50-period     200-period
Close: 223.71 220.33 285.24
Volatility: 38 58 69
Volume: 8,539,482 12,207,684 9,736,588

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 17.6% below 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 14 periods.

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