Source: PaxForex Premium Analytics Portal, Technical Insight

In May of this year, sales of Tesla electric cars in China reached a record level. Tesla is steadily increasing sales of its electric vehicles in the Chinese market. According to available data, in May this year, Tesla sold 11,095 electric vehicles in the Celestial Empire, which is the company's highest sales figure in the world's largest automotive market. According to the China Passenger Car Association (CPCA), in April Tesla sold only 3,635 electric vehicles in the country. Thus, compared to April, the sales level in May jumped more than three times.

Tesla, H4

Pivot: 948.50

Analysis:

Provided that the asset is traded above 908.50, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 948.50
• Take Profit 1:  971.20
• Take Profit 2: 997.00

Alternative scenario: 

In case of breakdown of the level 908.50, follow the recommendations below:

• The timeframe: H4
• Recommendation: short position
• Entry point: 908.50
• Take Profit 1: 868.30
• Take Profit 2: 853.50

Comment:

RSI shows an uptrend.

Key levels:

Tesla, D1

Pivot: 948.51

Analysis:

While the asset is traded above 798.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 948.51
• Take Profit 1: 993.00
• Take Profit 2: 1047.00

Alternative scenario:

If the level 798.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 798.00
• Take Profit 1: 709.00
• Take Profit 2: 657.00

Comment:

RSI is above the neutral area by 50. MACD is positive and above the signal line. The configuration is positive. Moreover, the stocks are trading above the 20-day and 50-day moving average (by 830.39 and 728.11 respectively).

Key levels:

We also advise you to pay attention to Apple for intra-day trading:

Pivot: 332.70

Analysis:

While the asset is traded above 331.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 332.70
• Take Profit 1: 334.60
• Take Profit 2: 335.60

Alternative scenario:

If the level 331.00 is broken-out, follow the recommendations below.

• Time frame: H4
• Recommendation: short position
• Entry point: 331.00
• Take Profit 1: 329.40
• Take Profit 2: 328.40