Tesla shares fall for a fifth straight session on Friday, auto maker misses weekly production target of 6 000 Model 3s, Electrek reports

According to a report by Electrek over the weekend, citing a source familiar with Tesla Inc’s production, the electric car maker did not manage to achieve its weekly production target of 6 000 Model 3 vehicles by the end of August.

Tesla produced about 6 400 vehicles during the last seven days of August, 4 300 of which were Model 3s, the website reported.

Tesla shares closed lower for a fifth consecutive trading session on NASDAQ on Friday. The stock went down 0.49% ($1.49) to $301.66, with the intraday high and the intraday low being at $305.31 and $298.60 respectively.

Shares of Tesla Inc have retreated 3.11% so far in 2018 compared with a 19.67% gain for the underlying index, Nasdaq 100 (NDX).

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

Despite the miss, however, Tesla is still on track to achieve its third-quarter production objective of 50 000 to 55 000 Model 3 cars. According to Electreks source, Tesla Inc has built about 53 000 vehicles during the third quarter as of August 31st, with more than 34 700 of them being Model 3s.

Electrek also reported that, at the current production rate, the electric vehicle maker might be able to achieve at least the lower-end of its Model 3 production guidance.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $325.00, with a high estimate of $530.00 and a low estimate of $179.00. The median estimate represents a 7.74% upside compared to the closing price of $301.66 on August 31st.

The same media also reported that 9 out of 26 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 8 – 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 – $302.28
R2 – $302.89
R3 (Range Resistance – Sell) – $303.51
R4 (Long Breakout) – $305.35
R5 (Breakout Target 1) – $307.51
R6 (Breakout Target 2) – $308.44

S1 – $301.04
S2 – $300.43
S3 (Range Support – Buy) – $299.81
S4 (Short Breakout) – $297.97
S5 (Breakout Target 1) – $295.81
S6 (Breakout Target 2) – $294.88

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

Central Pivot Point – $307.27
R1 – $316.83
R2 – $331.99
R3 – $341.55
R4 – $351.10

S1 – $292.11
S2 – $282.55
S3 – $267.39
S4 – $252.22