Tesla, Inc. (NASDAQ:TSLA) stock is no longer reacting to Musk’s tweets or turnover In personnel
Tesla (NASDAQ:TSLA) continues to make the news for many of the wrong reasons. The provocative tweets from CEO Elon Musk continue. Also, seeing the general counsel leave the company after a short stint will not exactly endear buyers to Tesla stock.
However, in a surprise, these incidents drew little reaction from TSLA stock investors. This non-response marks a turning point in Tesla. Now, investors will evaluate TSLA more on its results, not words or personnel moves. Fortunately for the bulls, these posted results point to likely growth for Tesla stock.
Tesla Still Exhibits Signs of Chaos
Tesla has seen a chaotic Presidents Day week. Word came down that Dane Butswinkas, the man who served as the firm’s general counsel, announced his departure after just two months on the job.
Also, Mr. Musk tweeted that the company would build “around 500,000” vehicles in 2019. He then clarified that they could make 500,000 per year at about 10,000 cars per week. However, production estimates remain at 400,000.
Such posts on Twitter (NYSE:TWTR) call into question the effectiveness of the settlement reached with the SEC. Part of that agreement involved reigning in Mr. Musk’s tweets. Issuing and reversing guidance in a random social media post would probably qualify as a violation.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 337.28.
The projected lower bound is: 265.42.
The projected closing price is: 301.35.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 25 white candles and 25 black 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 31.0672. This is not an overbought or oversold reading. The last signal was a sell 8 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 43.29. 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 111 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 -108.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 17 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 12 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -3.080 at 302.560. Volume was 11% below average (neutral) and Bollinger Bands were 57% narrower than normal.
Open High Low Close Volume___
304.410 306.300 299.000 302.560 7,142,117
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 308.32 323.50 316.33
Volatility: 27 71 73
Volume: 5,560,861 7,489,756 9,011,631
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 4.4% below its 200-period moving average and is in an downward 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 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 0 periods.
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