The Canadian Technician

Tesla Changes the Reality Distortion Field

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

As I got up this morning, I noticed a 10-minute YouTube summary of the Tesla Semi Truck unveiling. I found it extremely interesting.

Tesla Semi Truck unveiling

Tesla's stock (TSLA) is one of the most-watched charts in the market. It's been under pressure of late. Elon Musk's ability to communicate a future vision is outstanding, with so many believers following his perspective. I used to be a fuel and lubes rep, calling on large commercial road transport trucks for Western Canada. I have a little knowledge of what is required for truck fleets, but it's a little dated. I was very impressed with the reveal and some of the concepts presented in the video.

One example of remarkable engineering was hill climbing. A truck powering up a six-degree slope at speed and being able to accelerate was an engineering marvel. I drive through mountains all the time, and mountains are a challenge for trucks. In my former career, we did fuel tests with experienced drivers, and some were so detailed, they would literally know what spot on the road they would need to shift down each gear. To have a truck do all the drivetrain management at speed is truly amazing engineering.

Looking at the chart of TSLA (see chart 1), it would appear to be no big deal. As this becomes more available, it could be a significant factor for TSLA's stock price. I wouldn't use the chart to recognize what's happening behind the scenes, but it might help build a base for the next price climb on the chart.

CHART 1: TESLA INC. (TSLA) STILL UNDER PRESSURE? The unveiling of TSLA's semi-truck did little to pump up the stock price. It's still worth watching just in case the semi-truck is a big hit. Chart source: For illustrative purposes only.

TSLA's stock price may not have moved much, but solar stocks were moving this morning. The Tesla truck has a 1 MW charge. Solar farms are 15 acres/megawatt. A quarter section of land hosts a 15 MW solar array. Extrapolating a 1/4 section of land for 15 trucks isn't going to be the long-term solution. However, if demand for the semis increases, managing the demand is going to be a big deal.

Solar Stocks

One stock in the solar space worth looking at is Enphase Energy (ENPH). Price is breaking out above resistance (see chart 2). Beautiful!

CHART 2: ENPH BREAKING ABOVE RESISTANCE. This stock could be one to add to your ChartLists. Chart source: For illustrative purposes only.

SolarEdge Techologies (SEDG) is also breaking out of a trend of lower highs (see chart 3).

CHART 3: SEDG BREAKING ABOVE ITS TREND LINE. If the stock price continues rising on above-average volume, you may want to keep this stock on your radar. Chart source: For illustrative purposes only.

A lot of changes may come in the renewable energy space, as many companies are gearing up to expand their manufacturing factories in the United States. This may be a great time to focus on the changes that are coming at us.

At Osprey Strategic, we continue to publish an entire chartlist of charts that are involved in the energy crisis outside of fossil fuels. This chartlist will continue to be a theme well into the future. If you would like to learn more, head over to Osprey Strategic and check out our $7 membership offering.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst,
Author, Stock Charts For Dummies

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Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More