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You’re here
You’re here
TSLA
$ 4.81
0.66%
4%
IBD Stock Analysis
- Tesla stock broke through an aggressive buy point of 730 on Monday.
- Earlier this month, stocks rebounded above their 50 and 200 day lines.
- The line of relative strength is at its highest for almost four months.
Classification of industrial groups
Emerging model
Consolidation
* No real-time data. All displayed data was captured at 1:46 PM EDT on 8/31/2021.
You’re here (TSLA) is the IBD action of the day as the electric vehicle maker remains in the buy range after breaking through an aggressive entry as an Indian market launch draws closer. Tesla stock has gone up.
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On Monday, the company received local approval in India for the launch of four vehicles. This probably means that some versions of the Model 3 and Model Y were found to be roadworthy in India. This step was necessary to prepare the ground for the launch of sales in India. Tesla CEO Elon Musk has been committed to entering the Indian market for several years.
But regulatory scrutiny in the United States is a concern for Tesla stock as CEO Musk continues to tout assistive technologies for driving electric cars.
Tesla shares
The shares rose 0.7% to 735.72 on the stock market today. Tesla stock broke an aggressive buy point of 730 on Monday, according to MarketSmith chart analysis. The buy zone extends to 766.50.
Earlier this month, stocks rebounded above a test on the converging 50 and 200 day lines, a bullish sign. During this time, a great deep base continues to form.
Tesla’s relative strength line is slowly rising, but it’s been at its highest for nearly four months.
Its RS rating is 78 out of 99, while its EPS rating is 72. IBD recommends 80 and above for each metric.
With a composite rating of 92, Tesla stock is ranked first in the industry group of automakers IBD.
Among other U.S. automakers with growing electric vehicle listings, General Motors (GM) fell 0.3% and Ford (F) edged down 0.15%. Recent IPO actions Lucid engines (LCID), which makes luxury electric vehicles, fell 3.25%.
rivals based in China Nio (NIO) increased by 4%, Li Auto (LI) climbed 6.3% and Xpeng (XPEV) rose 4.3%.
3 drivers of gains after the market break; Two classification actions in shopping areas
Tesla under investigation
Tesla’s stock action has been resilient despite growing government scrutiny of its autopilot capabilities.
The National Highway Traffic Safety Administration launched an official investigation Aug. 16 into 11 crashes that injured 17 people and killed one. The accidents involved first responders at the scene. In fact, last weekend a similar accident happened in Orlando, Florida.
Additionally, on Aug. 18, lawmakers called on the Federal Trade Commission to probe what they see as Musk’s persistent misrepresentation, which they say puts Tesla drivers and the general public at risk.
Despite the crackdown, Musk announced last week that the next version of Tesla’s full self-driving beta software would be available to the general public in about four weeks. Tesla’s autonomous driving capabilities are actually level 2. Industry standards describe autonomous driving that does not require driver assistance at level 4 and above.
And like other automakers, Tesla continues to struggle with supply chain issues due to chip and battery shortages.
Meanwhile, Tesla recently announced plans to enter the Texas utility market. The Fremont, Calif.-Based firm’s Tesla Energy Ventures subsidiary has asked the Texas Public Utility Commission to “sell electricity directly to customers in Texas,” according to a CNBC report last week.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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