Shares of Tesla Inc. were set to take a breather Wednesday after its recent rocket ride, in which the stock rose 37.3% amid a five-day win streak.
The electric vehicle maker’s stock slipped 0.9% in premarket trading, after closing Tuesday at a record $1,887.09, the third-straight record close.
The current win streak was kicked off after Tesla announced a 5-for-1 stock split. As strong as the stock has been the past five days, it’s only the best five-day percentage performance since the five-day stretch ended July 7, when the stock shot up 37.7%.
And the five-day win streak is just the longest since the six-day stretch that ended July 7.
Tesla’s stock has more than doubled (up 133.6%) over the past three months through Tuesday, while the Nasdaq Composite has rallied 22.1% and the S&P 500 has advanced 16.0%.
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: 2,096.50.
The projected lower bound is: 1,698.08.
The projected closing price is: 1,897.29.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 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 93.0338. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 73.52. 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 19 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 150.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 buy 3 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed down -8.560 at 1,878.530. Volume was 100% below average (consolidating) and Bollinger Bands were 66% wider than normal.
Open High Low Close Volume 1,865.000 1,911.000 1,841.210 1,878.530 7,271
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 1,616.30 1,352.76 784.01 Volatility: 97 91 103 Volume: 12,266,268 14,012,856 15,478,464
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 139.6% 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 3 periods. Our momentum oscillator is currently indicating that TSLA.O is currently in an overbought condition.