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Vitalii Liubimov's Avatar
published in Blogs
Jun 28, 2019

Downtrend in Tesla comes in to play again

Back on April 23, I posted a blog entry about Tesla (Nasdaq: TSLA) and how the stock was in a clear downward trend ahead of the company’s earnings report. The stock did drop after its earnings report, falling from the $260 range all the way down to the $180 level. The stock has since bounced back up to the $235 area, but turned lower again in the last few days.

The stock is hitting resistance at the upper rail of a trend channel and at its 50-day moving average. Since the stock moved below the trend line in January, it has had trouble getting back above it.

We see that the 10-day RSI reached its highest level since December earlier this week and has now turned lower. The stochastic readings have been hovering in overbought territory for the past few weeks and made a bearish crossover on June 20.

The Tickeron Trend Prediction Engine generated a bearish signal on Tesla back in April and it did so again on June 19. The signal showed a confidence level of 88% and past signals on Tesla have been successful 63% of the time. The signal calls for a decline of at least 4% within the next month.

There is a lot of hype surrounding Tesla, but the company hasn’t been able to live up to the hype so far. The company has had trouble being profitable and has only had three quarters where it made money. Sales have grown at an impressive rate, but the company has struggled with production issues far too often.

Related Ticker: TSLA

TSLA in +9.30% Uptrend, advancing for three consecutive days on September 05, 2024

Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where TSLA advanced for three days, in of 354 cases, the price rose further within the following month. The odds of a continued upward trend are .

Price Prediction Chart
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Notable companies

The most notable companies in this group are Tesla (NASDAQ:TSLA), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), NIO Inc. (NYSE:NIO).

Industry description

Automobiles continue to be arguably the most popular form of passenger travel in the U.S., and major automobile makers have revenues and market capitalizations running into multi-billions. In recent years, the industry has been experiencing some path-breaking innovations like electric vehicles and self-driving technology. While there are long-standing companies like General Motors, Ford, and Toyota Motors operating in this space, there are also emerging/rapidly growing players like Tesla – which has had a major role in the growing popularity of the electric vehicle market. With technological advancements taking steam in the auto space, we’ve also witnessed collaborations (or talks of potential partnerships) of carmakers with tech behemoths like Google’s subsidiary, Waymo.

Market Cap

The average market capitalization across the Motor Vehicles Industry is 33.66B. The market cap for tickers in the group ranges from 2.49M to 559.85B. TSLA holds the highest valuation in this group at 559.85B. The lowest valued company is EVTGF at 2.49M.

High and low price notable news

The average weekly price growth across all stocks in the Motor Vehicles Industry was -2%. For the same Industry, the average monthly price growth was 6%, and the average quarterly price growth was -11%. ELEK experienced the highest price growth at 90%, while PEV experienced the biggest fall at -18%.

Volume

The average weekly volume growth across all stocks in the Motor Vehicles Industry was 28%. For the same stocks of the Industry, the average monthly volume growth was 13% and the average quarterly volume growth was 20%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating: 42
P/E Growth Rating: 77
Price Growth Rating: 61
SMR Rating: 73
Profit Risk Rating: 83
Seasonality Score: -20 (-100 ... +100)
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Daily Signalchanged days ago
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a manufacturer of electric sports cars

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Profile
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Address
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+1 512 516-8177
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