Battery Day is frequently cited as the “next catalyst” for Tesla’s skyrocketing stock.
Earlier this week, Deutsche Bank analyst Emmanuel Rosner boosted his price target on the stock by 33% to $400, citing the event.
Rosner, who kept his rating on the shares at hold, said Tesla could unveil “a new insourced manufacturing system” to ramp up its battery capacity, improved cell chemistry, and “fast-declining” battery costs at the much-anticipated day.
Tesla shares have gained more than 400% this year, compared with gains of around 3% for the S&P 500 index. SPX, -0.84% The company conducted a 5-for-1 stock split on Aug. 31.
Battery Day is taking a page from a 2019 self-driving event
In April 2019, Tesla held an event dedicated to its in-house driverless-car hardware and highlight the path toward fully autonomous vehicles that it promised to morph into a fleet of “robo-taxis.”
At the event, Tesla forecast that the robo-taxis could be on the road in some locations as early as this year, one of many bold promises made that day by Chief Executive Elon Musk.
Owners of Tesla vehicles could choose to add their vehicles to the future, app-managed fleet to defray car-ownership expenses, with Tesla taking a cut. So far, that has not materialized.
Tesla, Inc., formerly Tesla Motors, Inc., designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.
The Company operates through two segments: Automotive, and Energy generation and storage.
The Automotive segment includes the design, development, manufacturing, and sales of electric vehicles.
The Energy generation and storage segment includes the design, manufacture, installation, and sale or lease of stationary energy storage products and solar energy systems to residential and commercial customers, or sale of electricity generated by its solar energy systems to customers.
The Company produces and distributes two fully electric vehicles, the Model S sedan and the Model X sport utility vehicle (SUV). It also offers Model 3, a sedan designed for the mass market.
It develops energy storage products for use in homes, commercial facilities and utility sites.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 496.27.
The projected lower bound is: 356.60.
The projected closing price is: 426.44.
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 23 white candles and 27 black candles for a net of 4 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 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 78.0799. This is not an overbought or oversold reading. The last signal was a sell 0 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 55.65. 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 10 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 11. This is not a topping or bottoming area. The last signal was a buy 5 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 sell 8 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -18.330 at 423.430. Volume was 100% below average (consolidating) and Bollinger Bands were 53% wider than normal.
Open High Low Close Volume 415.600 437.790 408.000 423.430 71,764
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 400.04 352.35 191.82 Volatility: 188 120 113 Volume: 79,143,488 79,689,584 82,508,976
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 120.7% above its 200-period moving average and is in an upward trend. Volatility is high 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.