Tesla Inc (NASDAQ: TSLA) looks primed for a bounce and here’s why
It’s not often that Tesla Inc (NASDAQ: TSLA) gets oversold. The RSI is currently below the 30 line and it could be just a matter of some positive news to trigger a sharp bounce soon.
Let’s take a look at recent positives for TSLA. Tesla (TSLA) delivered 83,135 China-made vehicles in September as per the China Passenger Car Association (CPCA). This represents an 8% jump from the prior month and also tops its record high of vehicles delivered in June.
Moreover, for the third quarter, Tesla reported total deliveries of 343,830 on production of 365,923 vehicles, which is a record for the company. It seems that the stock is currently being punished as part of the Musk’s TWTR deal. A question that’s currently seems to be bothering TSLA investors is whether Mush will be selling more of his stake in TSLA to fulfill TWTR deal closure.
Tesla Inc (NASDAQ: TSLA) is currently trading sideways at $223.26 and consolidation pattern seems to be building up. Would TSLA $225 calls expiring 10/28 around $13 be a good choice to trade ? Stay tuned for more updates and as always follow traders vigilance and conduct your own due diligence.
Other companies in Tesla’s space includes: XPeng (NYSE:XPEV), Phoenix Motor (NASDAQ:PEV), Fisker (NYSE:FSR), General Motors (NYSE:GM) and Ford Motor (NYSE:F).