Hello everyone, as we all know the market action discounts everything :)
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TSLA is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so TSLA is performing more or less in line with the market.
TSLA has been doing really well for itself, The Bullish trend for the stock has started back in August and the stocks seems to be trending in a Rising wedge pattern which indicates a reversal soon but there are no signs for a breakout yet.
Both the short-term and long-term trends are positive. This is a very positive sign.
The stock is trading at 805.72 and it's nearing the resistance level located at 808.63 with a strong upward momentum which indicates a breakout of that resistance in the next day or so. This will lead the stock to have it focus on the resistance at 822.31 where the next target for the stock will be.
But we might see some pullback that could lead to a drop in value for the stock but it shouldn't be further than the support located at 784.54.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The STOCH has reached overbought zone which could indicate a small pullback. a positive crossover between %K (90.26) and %K (80.01) which indicates a Bullish move.
3) The RSI is at 68.32 showing Great strength in the market. With no divergence found between the indicator and the market
Support & Resistance points :
support Resistance
1) 770.15 1) 803.90
2) 754.81 2) 822.31
3) 736.40 3) 837.65
Fundamental point of view :
TSLA's Return On Assets of 3.90% is amongst the best of the industry. TSLA does better than the industry average Return On Assets of -0.34% and TSLA shows strong growth in Earnings Per Share. In the last year, the EPS has been growing by 172.10%, which is quite impressive.
New Caledonia's Prony Resources said on Wednesday Tesla (NASDAQ:TSLA) Inc had agreed to purchase more than 42,000 tonnes of nickel in a multi-year deal - a pact that is set to make it a key supplier of the metal to the U.S. electric car maker.
Electric vehicle makers have made securing sufficient supplies of nickel - a key ingredient in automotive batteries - a top priority and are particularly keen to seek out sustainable and low-carbon nickel supplies.
Tesla, which serves as an adviser on product and sustainability standards to Prony, also signed a deal to take supply from BHP's nickel operations in Australia earlier this year.
Prony did not disclose how many years the deal with Tesla will run for.
The automaker is expected to deploy around 30,000 tonnes of nickel in batteries this year and is likely to rapidly ramp up its nickel consumption in the coming years, said Steven Brown, a Sydney-based independent expert on battery minerals. According to Reuters
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
TSLA is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so TSLA is performing more or less in line with the market.
TSLA has been doing really well for itself, The Bullish trend for the stock has started back in August and the stocks seems to be trending in a Rising wedge pattern which indicates a reversal soon but there are no signs for a breakout yet.
Both the short-term and long-term trends are positive. This is a very positive sign.
The stock is trading at 805.72 and it's nearing the resistance level located at 808.63 with a strong upward momentum which indicates a breakout of that resistance in the next day or so. This will lead the stock to have it focus on the resistance at 822.31 where the next target for the stock will be.
But we might see some pullback that could lead to a drop in value for the stock but it shouldn't be further than the support located at 784.54.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The STOCH has reached overbought zone which could indicate a small pullback. a positive crossover between %K (90.26) and %K (80.01) which indicates a Bullish move.
3) The RSI is at 68.32 showing Great strength in the market. With no divergence found between the indicator and the market
Support & Resistance points :
support Resistance
1) 770.15 1) 803.90
2) 754.81 2) 822.31
3) 736.40 3) 837.65
Fundamental point of view :
TSLA's Return On Assets of 3.90% is amongst the best of the industry. TSLA does better than the industry average Return On Assets of -0.34% and TSLA shows strong growth in Earnings Per Share. In the last year, the EPS has been growing by 172.10%, which is quite impressive.
New Caledonia's Prony Resources said on Wednesday Tesla (NASDAQ:TSLA) Inc had agreed to purchase more than 42,000 tonnes of nickel in a multi-year deal - a pact that is set to make it a key supplier of the metal to the U.S. electric car maker.
Electric vehicle makers have made securing sufficient supplies of nickel - a key ingredient in automotive batteries - a top priority and are particularly keen to seek out sustainable and low-carbon nickel supplies.
Tesla, which serves as an adviser on product and sustainability standards to Prony, also signed a deal to take supply from BHP's nickel operations in Australia earlier this year.
Prony did not disclose how many years the deal with Tesla will run for.
The automaker is expected to deploy around 30,000 tonnes of nickel in batteries this year and is likely to rapidly ramp up its nickel consumption in the coming years, said Steven Brown, a Sydney-based independent expert on battery minerals. According to Reuters
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.