TESLA REPORTS PRODUCING 53K CARS IN Q3, SHARES STRONG

Tesla is currently trading at 310.40-lower by 0.2% as compared to the previous closing. In the Pre-market trading session on Tuesday, the stock was trading higher by about 2%. The stock has pared some of its earlier gains after the opening bell.

In recent news, Tesla disclosed on Tuesday that it has produced 53,239 of its Model 3 sedans in the third quarter. Tesla also disclosed that it had delivered 83,500 vehicles during the third quarter, beating Wall Street expectations. The deliveries were about 80% higher than all of its deliveries for 2017. The electric car company further disclosed that it has delivered 55,840 of its Model 3 sedans to the customers. The company also added that it has produced 80,142 total vehicles in the third quarter.

About a month ago, the company had forecast that it would produce 50,000 to 55,000 Model 3s in the third quarter. The electric carmaker also said in August that, it had repeatedly hit weekly production of about 5,000 Model 3s multiple times in July.

On the technical front, the RSI is currently at 54.07% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.

 

TRADE SUGGESTION-LIMIT BUY AT 309 TAKE PROFIT AT 313 STOP LOSS AT 307

 

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