The Tesla Model 3 Sedan passed all regulatory requirements for production two weeks ahead of schedule, according to Chief Executive Elon Musk. He tweeted comments on Sunday night.
Summary
The Tesla Model 3 Sedan
As a result of the early approvals, TSLA is trading higher in the pre-market session (+7.18) 368.79. We’re adding TSLA to the watch list. We will consider a trade or swing if conditions present an opportunity. Use the TD Setup for best entry and exit. Wait for the Opening Range, as the morning gap might be faded.
A caveat does exist for price to retrace to the trend line at 345.00 (+/-) and if that level is lost, there is support at VBP (look left) around 310.00. The bearish thoughts are due to prrice action below the 9/20ema, which remains short term resistance.
Tesla passes regulatory tests. Elon Musk tweeted Sunday night.
Another way to play Tesla, is to look for bullish setups in the providers, like Panasonic Corporation OTC: PCRFY, based in Osaka, Japan. The company provides electronics and appliances.
Providers with bullish setups
Magna International, Inc. NYSE: MGA is a large, diversified automotive parts manufacturer and supplier based in Ontario, Canada. The company employs approximately 140,000 people and is one of the world’s largest suppliers in the automotive parts industry. The company designs and engineers chassis, closure, electronic, exterior, powertrain, roof, seating and vision systems for traditional and electric automobiles.
Auto parts manufacturer setting up
Shiloh Industries Inc. NASDAQ: SHLO is a materials and metal fabrication company headquartered in Valley City, Ohio. The company supplies light weight, noise and vibration solutions to automotive companies. The company focuses on providing products constructed of aluminum, magnesium and steel.
A. Schulman, Inc. NASDAQ: SHLM is a chemicals company based in Akron, Ohio. It produces plastics, resins and color compounds that are used as raw inputs for a variety of manufactured products.
Look for a flag – use the TD Setup for entry if it pulls back to 200ma.
A. Schulman, Inc. SHLM produces plastics, resins and color compounds
The AK Steel Holding Corporation NYSE: AKS is headquartered in West Chester, Ohio. The company is focused on steel production and specifically manufactures flat-rolled and stainless steel, as well as electrical steel products. The company’s products are mainly used in the automotive, construction, infrastructure and electrical power generation markets.
All of these stocks are printing bullish setups except for SHLO.
Watch list for this week.
Watch List for the week of 07-03-2017