- Summary:
- Tesla stocks are trading higher as the company decides to transition from radar-based sensor systems to cameras for its driverless vehicles.
It would appear that Tesla has decided to respond to the 5 May accident that killed two in its Tesla Model 3 car in the US. Moving forward, the company has decided to deploy camera-based technology in its Model 3 and Model Y vehicles to improve the smartness of its driver-assistance systems.
The new camera technology, known as Tesla Vision, will work with neural net processing systems. The technology will replace the radar technology being used in Tesla’s existing driverless brands.
New car owners will receive limited versions of this technology installed on their vehicles in a beta test of the camera-based technology. The new systems will for now, operate only in North America.
Tesla stocks are up 2.9% on the day.
Technical Levels to Watch
Following the correction that occurred as the end-move of the W-harmonic pattern on the daily chart, Tesla’s active daily candle has bounced off the 600.84 psychological support, following the higher close above this level by Tuesday’s daily candle. This clears the pathway towards 640.00 and potentially 654.12 as an additional upside target.
On the other hand, bears would be hoping for a breakdown of the 600.84 support to truncate the V-shaped recovery move, targeting 564.57 and 541.18. Failure of the latter to hold down bearish price action opens the door towards 502.28.
Tesla Daily Chart
