Tesla shares gain for a second session in a row on Monday, CEO Musk tweets pictures of the first Model 3 sedan to come off assembly line

On July 9th Tesla Incs Chief Executive, Elon Musk, published on Twitter pictures of the first Model 3 sedan to come off the assembly line. Musk also tweeted that board member Ira Ehrenpreis had been the first to make a $1 000 deposit on the Model 3, while gifting the vehicle to Teslas CEO for his 46th birthday.

Tesla shares closed higher for a second consecutive trading session on Monday. The stock went up 0.90% ($2.83) to $316.05, after touching an intraday low at $303.13, or a price level not seen since May 5th ($296.80). In the week ended on July 9th the shares of the electric car manufacturer lost 13.38% of their market value compared to a week ago, which marked a second consecutive period of decline and also the worst performance since the week ended on February 7th 2016. The stock has pared its loss to 12.60% so far during the current month, following a 6.04% surge in June. The latter has been the fourth consecutive monthly gain, but yet, the smallest one since April 2016. For the entire past year, the shares of the NASDAQ-listed electric car maker lost 10.97%.

The past two weeks saw Tesla Incs shares tumbling sharply due to rising investor concerns over weakening demand for the existing Model S sedan.

As reported by Reuters, Elon Musk has already said that there were “confused” Tesla buyers who perceived the firms new Model 3 as an upgrade to the existing Model S, which adversely affected orders for the older car model.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $305.00, with a high estimate of $464.00 and a low estimate of $155.00. The median estimate is a 3.50% decrease compared to the closing price of $316.05 on July 10th.

The same media also reported that 8 out of 24 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 6 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Tesla stock are presented as follows:

R1 – $317.41
R2 – $318.77
R3 (Range Resistance – Sell) – $320.12
R4 (Long Breakout) – $324.20
R5 (Breakout Target 1) – $328.95
R6 (Breakout Target 2) – $331.49

S1 – $314.69
S2 – $313.33
S3 (Range Support – Buy) – $311.98
S4 (Short Breakout) – $307.90
S5 (Breakout Target 1) – $303.15
S6 (Breakout Target 2) – $300.61

By using the traditional method of calculation, the weekly levels of importance for Tesla Inc (TSLA) are presented as follows:

Central Pivot Point – $330.29
R1 – $354.28
R2 – $395.34
R3 – $419.33
R4 – $443.32

S1 – $289.23
S2 – $265.24
S3 – $224.18
S4 – $183.12