Shorts On TSLA Due To A Failure In Delivery Target
In a statement released yesterday, Tesla Motor Inc. reported that it has witnessed a 20% increase in production from the preceding period, with production coming in at 18,345 vehicles produced. However, the company failed to reach its delivery target for a second straight quarter as only 14,370 vehicles were delivered to customers. This did not meet the preliminary estimate of 17,000 vehicles.
Meanwhile, on July 01, a driver died when his Tesla’s Model S was operating in Autopilot mode, as the semi-autonomous system failed to detect a tractor-trailer turning in front of this car. On the hourly chart, TSLA has been in an up-move since last week, rising to 216.31. The stochastics chart shows that the stock is struggling in the overbought area for now, therefore, a reversal into a downtrend is expected to happen in near future.
Sell limit at 217.19, Stop loss at 218.75, Take profit at 213.48