Tesla, Inc. (NASDAQ:TSLA) ‘Smarter’ version of auto drive ready in about six weeks

Tesla, Inc. (NASDAQ:TSLA) ‘Smarter’ version of auto drive ready in about six weeks

Tesla, Inc. (NASDAQ:TSLA) ‘Smarter’ version of auto drive ready in about six weeks

A Tesla Inc. vehicle will soon be able to drive itself for short distances, be driven from a smartphone in some cases, and even follow its driver “like a pet,” Chief Executive Elon Musk said Thursday on Twitter.

An advanced Tesla TSLA, +2.06% “Summon” feature will be ready in about six weeks and it will work on cars made in the past two years, Musk said in a series of tweets.

Introduced a couple of years ago, “Summon” is part of Tesla’s Autopilot, its suite of advanced driver-assistance systems. At its current iteration cars can park themselves in some instances or move short distances.

The upgrade would be a “slightly smarter version” and by next year “a Tesla should be able to drive around a parking lot, find an empty spot, read signs to confirm it’s valid & park,” Musk tweeted.

Tesla shares rose 2% on Thursday, poised to end the week with a gain around 4%. The stock is up 11% this year, outstripping gains of 2.1% and 2.4% for the S&P 500 index SPX, +1.06% and the Dow Jones Industrial Average DJIA, +1.06% in the same period.

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 385.78.

The projected lower bound is: 303.69.

The projected closing price is: 344.73.

Candlesticks

A white body occurred (because prices closed higher 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 25 white candles and 25 black candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 79.3910. This is not an overbought or oversold reading. The last signal was a sell 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 67.31. 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 38 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 105.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 15 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 11 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 6.960 at 344.280. Volume was 25% below average (neutral) and Bollinger Bands were 71% wider than normal.

Open High Low Close Volume___
338.260 347.840 334.725 344.280 8,000,132

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

Moving Averages: 10-period 50-period 200-period
Close: 309.57 291.92 311.18
Volatility: 84 92 72
Volume: 14,156,527 10,799,075 9,073,855

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 10.6% 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 6 periods.

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