Tesla, Inc. (NASDAQ:TSLA) Sinks As Market Gains
Tesla (TSLA) closed the most recent trading day at $245.87, moving -0.5% from the previous trading session. This change lagged the S&P 500’s daily gain of 0.29%. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, added 0.3%.
Heading into today, shares of the electric car maker had gained 12.51% over the past month, outpacing the Auto-Tires-Trucks sector’s gain of 5.91% and the S&P 500’s gain of 2.99% in that time.
Investors will be hoping for strength from TSLA as it approaches its next earnings release. In that report, analysts expect TSLA to post earnings of -$0.14 per share. This would mark a year-over-year decline of 104.83%. Meanwhile, our latest consensus estimate is calling for revenue of $6.61 billion, down 3.18% from the prior-year quarter.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. TSLA currently has a Zacks Rank of #4 (Sell).
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 234.88.
The projected upper bound is: 268.75.
The projected lower bound is: 223.84.
The projected closing price is: 246.30.
A black body occurred (because prices closed lower 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 27 white candles and 23 black candles for a net of 4 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 87.9091. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 10 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 63.19. 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 sell 34 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 184.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 11 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 8 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -1.230 at 245.870. Volume was 6% below average (neutral) and Bollinger Bands were 24% narrower than normal.
Open High Low Close Volume___
247.700 253.500 244.400 245.870 8,581,210
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 231.03 233.92 267.46
Volatility: 40 60 61
Volume: 6,554,319 7,340,209 9,022,391
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 8.1% 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 2 periods.
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