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Tesla, Inc. (NASDAQ:TSLA) on track with an important increase in deliveries during the quarter

, Inc. (NASDAQ:TSLA) on track with an important increase in deliveries during the quarter

After a significant production ramp for the Model 3 at the end of the second quarter, confirmed a record number of vehicles in transit to be delivered in the third quarter: 11,166 Model 3 vehicles and 3,892 Model S and X vehicles.

Those vehicles are likely all already delivered and Tesla has continued producing about 7,000 vehicles per week since then, according to CEO Elon Musk.

Tesla¬†fell $50 to about $300 on news that Elon Musk has asked suppliers to reduce their prices, and because of a tweet he made in response to someone who called his efforts to rescue the boys trapped in a Thailand cave a “publicity stunt.” Both reasons don’t seem to have much bearing on the value of the Company.¬†Investors should look beyond this news.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 337.07.

The projected lower bound is: 281.08.

The projected closing price is: 309.08.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend (which appears to be the case with TESLA INC). It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend, it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

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 32.5289. 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 44.80. 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 25 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 -95. This is not a topping or bottoming area. The last signal was a buy 0 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 21 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed up 11.310 at 308.740. Volume was 20% below average (neutral) and Bollinger Bands were 16% narrower than normal.

Open High Low Close Volume___
296.740 309.620 294.503 308.740 7,094,180

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 313.54 315.89 318.96
Volatility: 46 56 52
Volume: 7,079,584 8,833,285 7,249,361

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 3.2% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 bearish on TSLA.O and have had this outlook for the last 11 periods.