Tesla shares gain for a second straight session on Wednesday, battery in crashed Model S in Florida reignited twice, report states

According to a preliminary report by the National Transportation Safety Board (NTSB) on Tuesday, the Tesla Model S vehicle, which crashed in Florida on May 8th and led to the death of two teenagers, reignited twice after a fire eruption in the car was extinguished.

Tesla shares closed higher for a second consecutive trading session on NASDAQ on Wednesday. The stock went up 0.73% ($2.50) to $344.50, after touching an intraday high at $350.79, or a price level not seen since June 22nd ($352.25).

Shares of Tesla Inc have risen 10.65% so far in 2018 compared with an 8.96% gain for the underlying index, Nasdaq 100 (NDX).

In 2017, Tesla’s stock surged 45.70%, thus, it again outperformed the Nasdaq 100, which registered a 31.52% return.

The Fire Department in Fort Lauderdale used 200–300 gallons of water and foam in order to extinguish the fire, which had engulfed the electric vehicle entirely, the NTSB reported.

The report also stated that the Model S was being driven at a speed of 116 miles (187 kilometers) per hour moments before it cannoned into a metal light pole.

The NTSB said that while the vehicle was being removed from the scene, its battery reignited and was immediately extinguished.

According to the report, the Safety Boards probe into the incident “will also include examining the procedures used to extinguish the battery fire and to remove and store the car postcrash.”

In a response to several other incidents where vehicle batteries had been involved, Tesla Incs CEO Elon Musk said that “there should be absolutely zero doubt that it is safer to power a car with a battery than a large tank of highly flammable liquid.”

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $289.00, with a high estimate of $530.00 and a low estimate of $180.00. The median estimate is a 16.11% decrease compared to the closing price of $344.50 on June 27th.

The same media also reported that 12 out of 27 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 – $345.53
R2 – $346.57
R3 (Range Resistance – Sell) – $347.60
R4 (Long Breakout) – $350.71
R5 (Breakout Target 1) – $354.34
R6 (Breakout Target 2) – $355.96

S1 – $343.47
S2 – $342.43
S3 (Range Support – Buy) – $341.40
S4 (Short Breakout) – $338.29
S5 (Breakout Target 1) – $334.66
S6 (Breakout Target 2) – $333.04

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

Central Pivot Point – $346.45
R1 – $360.91
R2 – $388.18
R3 – $402.64
R4 – $417.09

S1 – $319.18
S2 – $304.72
S3 – $277.45
S4 – $250.17