- Tesla stock closes the session on Friday barely changed on the day.
- TSLA stock is still stuck in a consolidation phase.
- Tesla delivery data should be the catalyst for a move higher.
Tesla took life easy on Friday with the stock barely changing on the session at all, eventually closing at $775.22 for a tiny loss of -0.03%. Probably not surprising when all traders were waiting for the Q3 delivery data from Tesla, and these were duly released on Saturday.
-637689348028321253.png)
Tesla 15 minute
Tesla key statistics
| Market Cap | $767 billion |
| Price/Earnings | 404 |
| Price/Sales | 26 |
| Price/Book | 33 |
| Enterprise Value | $756 billion |
| Gross Margin | 22% |
| Net Margin |
6% |
| 52-week high | $900.40 |
| 52-week low | $379.11 |
| Average Wall Street Rating and Price Target | Hold, $704 |
Tesla (TSLA) stock news
Getting straight into those delivery numbers, the headlines certainly look positive. After asking staff to go "super hardcore" it looks like Elon Musk and his team have delivered with Q3 deliveries hitting a record. Deliveries were up 20% in Q3. Tesla (TSLA) delivered 241,300 vehicles in the quarter, which was an increase of 73% YoY and making it the sixth straight quarter of delivery growth. Wall Street analysts had expected deliveries of 229,242, so this was a comfortable beat. This data is even more impressive when you consider the semiconductor crunch that has affected most car makers globally. RBC was moved to increase its price target slightly from $745 to $755. Legacy car manufacturers have been blaming this chip shortage recently for poor delivery numbers, and noted Tesla bull Cathie Wood of ARK Invest tweeted strong support for Tesla's performance by comparison.
Tesla (TSLA) stock forecast
We have been waiting for this one, and we can see from the triangle pattern formed that Tesla stock has been like a coiled spring waiting to explode. The breakout should finally see Tesla make and break $800 and once through there the next resistance and volume does not kick in until $900! We had been expecting some volatility and mentioned a strangle options play to take advantage of any surge higher or lower. From the previous write-up: "An $830 call for October 8 costs around $4, and a $735 put for the same expiry is around $16.". Notice how the market was skewed with puts being considerably more expensive. Now, this delivery data may cause a sudden flip. We will update this once markets open.
Tesla remains bullish in our view from the chart. The stock is above the 9-day moving average and has consolidated from the spike above $780.
FXStreet View: Bullish above $765.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds gains above 1.1100, Fed rate decision in focus
EUR/USD is holding gains above 1.1100 in the European session on Wednesday. A broadly weak US Dollar, amid increased bets of an outsized Fed rate cut and a cautiously optimistic market mood, underpins the pair. All eyes remain on the Fed policy verdict.
GBP/USD extends rebound above 1.3200 after UK inflation data
The GBP/USD rebound gains traction above 1.3200 in European trading on Wednesday. The data from the UK showed that the annual core CPI rose 3.6% in August, up from a 3.3% increase in July, and supported the GBP. Focus shifts to Fed policy decisions.
Gold pulls back ahead of Fed ruling
Gold hit a record high of $2,589 at the start of the week after market bets that the Fed would make a double-dose 0.50% cut to interest rates at its meeting later today rose sharply. A bigger rate cut from the Fed would be positive for Gold because it lowers the opportunity cost of holding the yellow metal, which is a non-interest-paying asset. This makes it more attractive to investors.
Federal Reserve set for first interest-rate reduction in four years amid growing bets of jumbo cut
The Federal Reserve is widely expected to lower the policy rate after the September meeting. The revised Summary of Economic Projections and Fed Chairman Powell’s remarks could provide important clues about the rate outlook.
UK CPI set to grow at stable 2.2% in August ahead of BoE meeting
The United Kingdom Office for National Statistics will release August Consumer Price Index figures on Wednesday. Inflation, as measured by the CPI, is one of the main factors on which the Bank of England bases its monetary policy decision, meaning the data is considered a major mover of the Pound Sterling.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.