Tesla shares fall for a second session in a row on Thursday, drive event for Model 3 exceeds expectations

At a drive event hosted by RBC, Tesla Incs Model 3 received predominantly positive feedback. According to Joseph Spak of RBC, the vehicle felt “like a smaller version of the Model S, but with a fresh view”.

Tesla shares closed lower for a second consecutive trading session on Thursday. The stock went down 0.46% ($1.40) to $302.99, after touching an intraday low at $296.37, or a price level not seen since November 3rd ($295.13).

In the week ended on November 5th the shares of the luxury electric vehicle manufacturer lost 4.61% of their market value compared to a week ago, which marked a fourth consecutive period of decrease.

The stock has extended its loss to 8.61% so far during the current month, following a 2.81% slump in October. The latter has been a second straight month of losses.

For the entire past year, the shares of the NASDAQ-listed electric car maker lost 10.97%. The stock has rebounded 41.79% so far in 2017.

According to Spak, Teslas current production rate for its Model 3 is around 700 vehicles per week, while he expects that number to increase to 1 200-2 000 vehicles by the end of this year.

RBC currently has a “Sector Perform” rating on Tesla Incs stock.

At the same time, the Model 3 test drive was described as “better than advertised” by Romit Shah of Nomura.

Nomura currently has a “Buy” rating on Tesla Inc with a price target of $500.

Meanwhile, according to a report by Elektrek, 180 Model 3s were manufactured in October.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $320.00, with a high estimate of $500.00 and a low estimate of $155.00. The median estimate is a 5.61% surge compared to the closing price of $302.99 on November 9th.

The same media also reported that 10 out of 26 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 – $303.70
R2 – $304.42
R3 (Range Resistance – Sell) – $305.13
R4 (Long Breakout) – $307.27
R5 (Breakout Target 1) – $309.77
R6 (Breakout Target 2) – $310.94

S1 – $302.28
S2 – $301.56
S3 (Range Support – Buy) – $300.85
S4 (Short Breakout) – $298.71
S5 (Breakout Target 1) – $296.21
S6 (Breakout Target 2) – $295.04

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

Central Pivot Point – $310.44
R1 – $328.26
R2 – $350.42
R3 – $368.24
R4 – $386.05

S1 – $288.28
S2 – $270.46
S3 – $248.30
S4 – $226.13