Tesla (NASDAQ:TSLA) Lost Around $50 Billion on Battery Day

Tesla (NASDAQ:TSLA) Lost Around $50 Billion on Battery Day

$TSLA #Tesla #Auto #Manufacturers #USA #Nasdaq #Stocks #Trading

Tesla
Ticker: NASDAQ:TSLA
Price: $424.23

Tesla News

Shares in electric vehicle maker Tesla fell by 5% in pre-market trading on Wednesday, a day after the company saw $50 billion disappear from its market value following its annual”Battery Day” at which founder Elon Musk said customers would have to wait another couple of years for cheaper cars.

At the company’s annual shareholder gathering on Tuesday, Musk announced plans to build a cheap electric car with a price tag of $25,000 that will use significantly cheaper batteries. 

Musk said: “In three years . . . we can do a $25,000 car that will be basically on par (with), maybe slightly better than, a comparable gasoline car,” Musk said.

Musk cautioned in a tweet on Monday that the developments announced during the event won’t reach high-volume production until 2022, leaving investors with little in the way of immediate concrete developments.

Musk said in May 2016 that Tesla aimed to build 100,000 to 200,000 Model 3 cars during the second half of 2017. He later changed this to  5,000 per week in December 2017, but in November 2017 the company again altered the timeline and said it would hit that number by the end of the first quarter of 2018. 

It finally produced 5,000 Model 3 Vehicles in June 2018 but it did not regularly produce for the remainder of that year. 

Business Summary

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.

Price Performance

Relative Valuation

Technical Indicators

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 496.75.

The projected lower bound is: 356.70.

The projected closing price is: 426.73.

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 22 white candles and 28 black candles for a net of 6 black candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 66.0712. This is not an overbought or oversold reading. The last signal was a sell 3 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 54.33. 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 13 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 39. This is not a topping or bottoming area. The last signal was a buy 8 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 2 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed down -25.160 at 424.230. Volume was 99% below average (consolidating) and Bollinger Bands were 48% wider than normal.

Open     High     Low     Close      Volume
429.600  437.760  417.600 424.230    380,763
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           416.07        360.92        197.40
Volatility:      107           119           114
Volume:          75,102,296    77,744,968    83,476,664

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 114.9% 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 26 periods.

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