Tesla shares close higher on Wednesday, sales in China plummet 70% year-on-year in October

According to data by Chinese Passenger Car Association, Tesla Inc’s vehicle sales in the Asian country registered a 70% annual drop in October. A representative from the industry body said for Reuters that the electric car maker had sold merely 211 vehicles in China last month.

Tesla shares closed higher for the sixth time in the past eleven trading sessions on NASDAQ on Wednesday. The stock went up 1.15% ($3.95) to $347.87, after touching an intraday high at $348.28, or a price level not seen since November 21st ($353.10).

Shares of Tesla Inc have risen 11.73% so far in 2018 compared with an 8.08% 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.

In October, Tesla Inc, which imports all the vehicles it sells in the largest auto market worldwide, said that higher auto import tariffs were obstructing its sales in the country. In July, the Chinese government increased tariffs on vehicle imports from the United States to 40%, as trade frictions between Beijing and Washington intensified.

Earlier in November, Tesla Inc announced that it intended to reduce the price of its Model S and Model X vehicles in China, as it shifted its strategy in order to make those vehicles ”more affordable” and to absorb a larger part of the impact caused by raised tariffs.

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 7.15% downside compared to the closing price of $347.87 on November 28th.

The same media also reported that 10 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 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 – $339.38
R1 – $353.20
R2 – $380.58
R3 – $394.40
R4 – $408.23

S1 – $312.00
S2 – $298.18
S3 – $270.80
S4 – $243.43