Tesla, Inc. (NASDAQ:TSLA) shares accelerated in the past week after being in reverse for most of the year
Tesla shares accelerated in the past week after being in reverse for most of the year.
The stock spiked 8% in the past five sessions, picking up speed on Friday as its upcoming stock and bond offering closed in on nearly a $3 billion capital raise. However, it remains 35% off its 52-week high and was down 2% in Monday’s premarket at $249.90 per share amid a broad sell-off for the market.
However, one contrarian indicator has Johnson holding off on turning completely negative on the stock.
“Short interest level has been rising on here and that’s where a lot of investors have been speculating it will break the lower end of the range,” said Shayne Heffernan. “I want to see that downtrend reversal as those short interest players have been wrong in the past.”
High levels of short interest have often occurred at troughs in the stock’s price. This is likely due to short squeezes where a move higher in price pushes short sellers to close out their positions, which then pump the shares higher again.
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 281.45.
The projected upper bound is: 279.32.
The projected lower bound is: 229.79.
The projected closing price is: 254.55.
A white body occurred (because prices closed higher 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 26 white candles and 24 black candles for a net of 2 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 88.7877. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 4 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 46.48. 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 1. This is not a topping or bottoming area. The last signal was a buy 2 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 0 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed up 0.310 at 255.340. Volume was 15% above average (neutral) and Bollinger Bands were 2% narrower than normal.
Open High Low Close Volume___
250.020 258.350 248.500 255.340 10,833,943
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 247.40 273.05 305.75
Volatility: 60 57 74
Volume: 15,546,493 10,897,393 9,562,091
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 16.5% below its 200-period moving average and is in an downward trend. Volatility is low 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 16 periods.