MY JOURNAL FOR MONDAY – DECEMBER 5, 2022
NEWS, BREAKOUTS, MOMENTUM PLAYS & BOTTOMS
Tesla Changes The Reality Distortion Field
As I got up this morning, I noticed a 10 minute Youtube summary of the Tesla Semi Truck unveiling. I found it extremely interesting.
As one of the most watched charts in the market, Tesla’s stock has been under pressure. Elon’s ability to communicate a future vision is outstanding. He has so many believers following his perspective. I used to be a fuels 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 is a little dated. I was very impressed with the reveal and some of the concepts presented.
One example of remarkable engineering was hill climbing. A truck powering up a 6 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 Tesla chart, it would appear to be no big deal. As this truck becomes more available, it could be a significant factor for Tesla share price. I wouldn’t use the chart to recognize what is happening behind the scenes currently as we all know Elon has his hands full. However, new game changing technology might help build a base on the stock price for the next hill climb on the chart.
I did notice 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 is not going to be the long term solution. However, the management of this demand is going to be a big deal. In the meantime, the growth will be explosive.
Enphase Energy is breaking out above resistance this morning. Beautiful!
SolarEdge is also breaking out of a trend of lower highs.
At Osprey Strategic, we continually publish an entire chartlist of charts that are involved in the energy crisis outside of fossil fuels. The link is in the weekly newsletter. 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.
This looks like a great time to get focused on the changes coming at us!
Greg Schnell, CMT, MFTA
Welcome to Osprey Strategic
Nearly a Decade of Experience in the Financial Markets
Greg Schnell, CMT, MFTA, is a Senior Technical Analyst at StockCharts.com 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 recent winner of the CSTA’s Technical Analyst of the Year. He is an active member of both the CMT Association and the International Federation of Technical Analysts.
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BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS
CURA.CA – Curaleaf Holdings, Inc.
DIV.TO – Diversified Royalty Corp.
FIL.TO – Filo Mining Corp.
GTII.CA – Green Thumb Industries Inc.
TOT.TO – Total Energy Services Inc.
TSU.TO – Trisura Group Ltd.
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Our proprietary momentum scan system searches for abnormal volatility which flags the urgency of buyers. It was designed to signal the potential of momentum coming into an underlying name or sector. The charts issued are to be used as indicators only, not a trigger to buy or sell.– Disclaimer
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