Tesla, Inc. (NASDAQ:TSLA) stock price recovers on Cybertruck hitting 200,000 pre-orders

Tesla, Inc. (NASDAQ:TSLA) stock price recovers on Cybertruck hitting 200,000 pre-orders

Tesla, Inc. (NASDAQ:TSLA) stock price recovers on Cybertruck hitting 200,000 pre-orders

Tesla’s (TSLA) stock price took a dive after the unveiling of the Cybertruck last week, but now the stock is recovering as Elon Musk announces that Tesla already received over 200,000 pre-orders, which can be worth over $10 billion if fully converted.

It’s difficult to tell exactly what from the event drove the price down so much, but some speculated that it was due to polarizing design, while others went as far as saying that it was due to the problem with the glass during the live demonstration.

Now today, which is only the second day of the markets being opened after the launch, Tesla’s stock is up almost 4% in pre-market trading.

It comes after CEO Elon Musk announced that Tesla received over 200,000 reservations for the Cybertruck just a few days after the unveiling.

Based on the cost of the Cybertruck, those pre-orders can be worth over $10 billion if fully converted into orders.

After the unveiling, Tesla started taking reservations for the truck with a $100 deposit.

The deposit amount was much lower than Tesla’s previous reservation programs, and it is the first time Tesla has released reservation numbers since the launch of the Model 3 in 2016.

Technical Indicators

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 367.22.

The projected lower bound is: 309.20.

The projected closing price is: 338.21.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white 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 23.3677. This is not an overbought or oversold reading. The last signal was a sell 7 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 58.27. 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 1 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 -51. This is not a topping or bottoming area. The last signal was a sell 6 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 sell 3 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 3.300 at 336.340. Volume was 52% above average (neutral) and Bollinger Bands were 9% wider than normal.

Open     High      Low     Close     Volume___
344.320 344.570 334.460 336.340 12,345,765
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 348.35 285.92 255.65
Volatility: 46 65 59
Volume: 8,131,648 9,050,313 9,359,121

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 31.6% 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 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 54 periods.

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