Tesla, Inc. (NASDAQ:TSLA) slams the auto industry

Tesla, Inc. (NASDAQ:TSLA) slams the auto industry

Tesla, Inc. (NASDAQ:TSLA) slams the auto industry

On Tuesday, Musk said in an interview with MotorTrend that the auto industry “is just fairly slow to evolve, and it didn’t take electric vehicles really seriously until 2015, maybe 2014 you could say.”

Referring to other automakers’ failures in the electric vehicle space, Musk said that cars other than Tesla “have no soul or no heart, and they wonder why nobody feels anything for them.” He believes one of the key drivers of Tesla’s success is that its cars aren’t “designed by a soulless corporation.”

Musk also opened up about Tesla’s initial struggle to grab consumers’ and automakers’ attention. He explained how other car companies found Tesla’s first electric sedan Model S unbelievable—even two years after its launch in 2012: “A lot of the senior execs at the other car companies still didn’t believe it, and we’re like, ‘Well, you could just drive it and see if it’s real.’”

Tesla recently cut its car prices and dropped the cheapest variants of its Models S and X. It made the move in an effort to simplify its car line-up.

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 232.84.

The projected upper bound is: 273.18.

The projected lower bound is: 236.52.

The projected closing price is: 254.85.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

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 90.9629. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 24 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 72.14. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 30 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 148.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 29 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 2.480 at 254.860. Volume was 8% below average (neutral) and Bollinger Bands were 11% narrower than normal.

Open High Low Close Volume___
255.670 258.310 253.350 254.860 9,764,727

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

Moving Averages: 10-period     50-period     200-period
Close: 241.17 219.66 282.66
Volatility: 38 55 69
Volume: 8,811,276 10,795,495 9,757,112

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 is currently 9.8% below its 200-period moving average and is in an upward 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 bullish on TSLA.O and have had this outlook for the last 23 periods. Our momentum oscillator is currently indicating that TSLA.O is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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