Elon Musk sent an email to employees during which he declared, “This are going to be Tesla’s most intense delivery week ever!”
The NASDAQ 100 is down roughly 0.9% today, yet one among its most popularly traded companies is up over 2.2%! Over the weekend, Tesla’s famed founder, Elon Musk, sent an email to employees during which he declared, “This are going to be Tesla’s most intense delivery week ever!” mention how to pump up your employees! It’s no surprise that Musk is looking to possess an enormous push into the top of quarter. Since Tesla owns all their cars until they’re sold (direct supply chain), in fact they might want to sell as many as possible before the quarter ends. So because the NASDAQ 100 struggles to show positive on the day, TSLA is up 2.% (to the moon?).
On a daily timeframe, TSLA reached a high of 900.40 on January 25th and pulled back 40% to 539.49 by March 5th! After a volatile bounce into resistance at 780.70 on April 14th, the stock pullback and retested the 538.49 level on May 19th. Since then, TSLA’s stock price has been grinding higher in an orderly channel, while riding just above the 50- and 200-Day Moving Averages. After the Elon’s email over the weekend, price finally pushed back about the 780.70 level and is currently testing the upward sloping top trendline of the channel.
On a 240-minute timeframe, if the worth of TSLA’s stock is in a position to interrupt above the trendline and psychological round number resistance at 800, the 127.2% Fibonacci extension from the April 14th highs to the May 18th lows at 844.48 is that the next resistance level, before the all-time highs at 900.40. However, if price can’t erupt resistance, the 50-Day Moving Average acts as first support at 780.71 then the September 13th lows at 709.16. rock bottom trendline of the upward sloping channel is at 694.41. Notice that the RSI is in overbought territory, a sign that TSLA’s stick price could also be ready for a pullback.
At the very bottom of the screen is that the coefficient of correlation between TSLA and WTI petroleum . There have tons of strong correlation’s lately, and this is often another good one. (See USD/JPY and 10 year yields). On the 240-minute timeframe, the coefficient of correlation between these two assets is +0.92. we glance for readings about +0.80 or below -0.80 to point a robust correlation. A reading of +1.00 means there’s an ideal direct correlation and therefore the 2 assets will always move together within the same direction. A reading of +0.92 is pretty close! Watch the worth of petroleum within the shorter-term to assist gauge a direction for TSLA. (This is sensible conceptually also . Higher prices of oil will lead people to look for alternatives to gas powered car, like electric cars. Thus, there’ll be more demand Telsas and TSLA will move higher!)