Tesla shares gain for a third session in a row on Friday, base price of company’s Model X reduced

The base price of Tesla Incs (TSLA) Model X SUV was reportedly lowered to $79 500, as the companys overall gross margins improved. At the same time, P100D, or the costliest version of Teslas Model X, which delivers the fastest acceleration and a longer range, is now priced at $145 000. The move comes amid increasing production of the new lower-priced Model 3.

Tesla shares closed higher for a third consecutive trading session on Friday. The stock went up 2.83% ($9.82) to $356.91, after touching an intraday high at $357.27, or a price level not seen since July 3rd ($371.35). In the week ended on August 6th the shares of the electric car manufacturer added 6.52% to their market value compared to a week ago, which marked a fourth consecutive period of gains and also the best performance since the week ended on April 9th. The stock has extended its advance to 10.34% so far during the current month, following a 10.55% slump in July. The latter has been the first drop in the past five months and also the steepest one since January 2016. For the entire past year, the shares of the NASDAQ-listed electric car maker lost 10.97%.

There have been concerns among analysts that the release of Teslas Model 3 could urge potential buyers to move away from the companys Model X, while favoring the cheaper sedan.

However, CEO Elon Musk noted last week that demand for Teslas Model X and Model S vehicles, had, in fact, risen with the launch of the cheaper Model 3.

The cost of the mass Model 3 starts at $35 000 before incentives, while the longer-range version of the vehicle currently costs $44 000, so that a proper response is delivered to rival high-volume luxury sedans, including Mercedes C-Class, Audi A4 and BMW 3-series.

Meanwhile, Teslas overall gross margins, without the inclusion of stock-based compensation and revenue generated from zero-emission vehicle credits, reportedly dropped to 25% during the second quarter from 26.4% during the same period a year ago.

According to CNN Money, the 21 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $314.00, with a high estimate of $464.00 and a low estimate of $155.00. The median estimate is a 12.02% decrease compared to the closing price of $356.91 on August 4th.

The same media also reported that 10 out of 25 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 5 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 – $358.19
R2 – $359.47
R3 (Range Resistance – Sell) – $360.75
R4 (Long Breakout) – $364.59
R5 (Breakout Target 1) – $369.08
R6 (Breakout Target 2) – $371.43

S1 – $355.63
S2 – $354.35
S3 (Range Support – Buy) – $353.07
S4 (Short Breakout) – $349.23
S5 (Breakout Target 1) – $344.74
S6 (Breakout Target 2) – $342.39

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

Central Pivot Point – $341.80
R1 – $372.38
R2 – $387.85
R3 – $418.43
R4 – $449.01

S1 – $326.33
S2 – $295.75
S3 – $280.28
S4 – $264.81