Tesla shares gain for a second straight session on Thursday, “Summon” auto-parking feature upgrade to be made ready in six weeks

Yesterday, in a string of posts on Twitter, Tesla Incs CEO Elon Musk said that an upgrade to the companys “Summon” auto-parking feature was expected to be made ready in six weeks. The feature will now enable Tesla vehicles to drive throughout a parking area, read parking signs as well as find a vacant spot.

Tesla shares closed higher for a second consecutive trading session on NASDAQ on Thursday. The stock went up 2.06% ($6.96) to $344.28, after touching an intraday high at $347.84, or a price level not seen since August 14th ($359.20).

Shares of Tesla Inc have risen 10.58% so far in 2018 compared with a 10.52% gain for the benchmark 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.

“Car will drive to your phone location & follow you like a pet if you hold down summon button on Tesla app”, Elon Musk said in a tweet, cited by Reuters.

According to Musk, the upgrade, which is to be compatible with all Tesla vehicles produced during the last two years, will allow for the remote operation of vehicles, just like a large remotely controlled car as long as it is within the owners line of sight.

According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $323.00, with a high estimate of $530.00 and a low estimate of $100.00. The median estimate represents a 6.18% downside compared to the closing price of $344.28 on November 1st.

The same media also reported that 10 out of 32 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 8 – as “Hold”. On the other hand, other 8 analysts had recommended selling the stock.

Weekly Pivot Levels

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

Central Pivot Point – $307.80
R1 – $363.00
R2 – $395.11
R3 – $450.31
R4 – $505.52

S1 – $275.69
S2 – $220.49
S3 – $188.38
S4 – $156.28