Tesla, Inc. (NASDAQ:TSLA) stock surges toward another record

Tesla, Inc. (NASDAQ:TSLA) stock surges toward another record

Tesla, Inc. (NASDAQ:TSLA) stock surges toward another record

Shares of Tesla Inc. TSLA, +3.88% rallied 1.6% in premarket trading Tuesday, putting them on track for a fifth straight gain and third straight record high, after Chief Executive Elon Musk presided at a ceremony in which the first cars made at the electric vehicle maker’s Shanghai factory were delivered to customers.

The stock has been on a tear recently, soaring 37% since the end of November through Monday, highlighted by the first deliveries of China-made Tesla cars a week ago and better-than-expected delivery data on Friday. On Tuesday, Musk tweeted a video of him dancing, “At Tesla Giga Shanghai NSFW!!” The stock has climbed 34.8% over the past year through Monday, while the S&P 500 SPX, -0.28% has advanced 27.3%. The company’s market capitalization as of Monday’s close was $81.4 billion, compared with the market caps of General Motors Co. GM, -1.93% of $51.2 billion and of Ford Motor Co. F, +0.98% of $36.3 billion.

Technical Indicators

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 380.14.

The projected upper bound is: 498.19.

The projected lower bound is: 446.70.

The projected closing price is: 472.45.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 33 white candles and 16 black candles for a net of 17 white candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 9 rising windows in the last 50 candles–this makes the current rising window even more bullish.

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 90.7607. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 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 83.26. 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 sell 29 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 170.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 16 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 17.520 at 469.060. Volume was 103% above average (neutral) and Bollinger Bands were 111% wider than normal.

Open     High      Low     Close     Volume___
461.400 471.630 453.355 469.060 18,209,138
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 433.27 361.87 268.58
Volatility: 39 46 58
Volume: 12,060,610 9,945,439 9,467,988

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 gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
TESLA INC is currently 74.6% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into TSLA.O (bullish). Our trend forecasting oscillators are currently bullish on TSLA.O and have had this outlook for the last 13 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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