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Tesla’s stock is currently trading at 487.37-higher by 7.24% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 13.98%. The stock has pared some of its earlier gains after the opening bell.
The electric carmaker said on the previous day that it delivered about 88,400 vehicles in the first quarter of this year. Deliveries were above the market expectation of 79,900. The company reported combined deliveries of 76,200 Model 3 sedans and Model Y cross-over SUVs. Combined deliveries were above the consensus estimates of 68,674.
Tesla suspended the production of vehicles in Shanghai in January and February. This quarter was the first quarter of the electric carmaker when it produced and delivered the Model Y, its newest vehicle. For the first quarter, the company disclosed it had produced around 103,000 vehicles in total. This includes 15,390 Model X and S, and 87,282 Model Y and Model 3 vehicles. Tesla disclosed that it would comfortably make more than half a million units this year at its fourth-quarter earnings call in January.
On the technical front, the RSI is currently at 43.31% and suggests that the market can move in the upward direction. The current price is below the MA20. The current price is below the middle line of the Bollinger bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT BUY AT 487 TAKE PROFIT AT 507 STOP LOSS AT 477