Tesla shares fall over 2% in after-hours trade on Thursday, 123 000 Model S sedans recalled due to power-steering failure risk

April 2, 2018 9:27 am

Shares of Tesla Inc (TSLA) retreated more than 2% in after-hours trade on Thursday, after the company said that about 123 000 Model S sedans were being recalled worldwide, as specific corroding bolts in cold weather conditions could heighten risk of a power-steering failure. The recall is to affect Model S vehicles, which were manufactured prior to April 2016, the auto maker said.

Tesla shares closed higher for the second time in the past six trading sessions on Thursday. The stock went up 3.24% ($8.35) to $266.13, after touching an intraday low at $248.21, or a price level not seen since March 14th 2017 ($246.02). However, the stock plummeted 2.49% to $259.50 in after-hours trade.

In the week ended on April 1st the shares of the luxury electric vehicle manufacturer lost 11.74% of their market value compared to a week ago, which marked a fifth consecutive period of decrease. It has also been the worst performance since the week ended on July 9th 2017.

The stock retreated 22.42% in March, which has been a second consecutive monthly drop and also the largest one since December 2010.

For the entire past year, the shares of the NASDAQ-listed electric car maker rose 45.70% following a 10.97% slump in 2016.

“There have been no injuries or accidents due to this component, despite accumulating more than a billion miles of driving”, Tesla Inc said in an emailed notification to clients, cited by Seeking Alpha.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $310.00, with a high estimate of $500.00 and a low estimate of $170.00. The median estimate is a 16.48% surge compared to the closing price of $266.13 on March 29th.

The same media also reported that 9 out of 28 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while other 9 – as “Buy”. On the other hand, 7 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Tesla stock are presented as follows:

R1 – $268.22
R2 – $270.30
R3 (Range Resistance – Sell) – $272.39
R4 (Long Breakout) – $278.64
R5 (Breakout Target 1) – $285.95
R6 (Breakout Target 2) – $290.52

S1 – $264.04
S2 – $261.96
S3 (Range Support – Buy) – $259.87
S4 (Short Breakout) – $253.62
S5 (Breakout Target 1) – $246.31
S6 (Breakout Target 2) – $241.74

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

Central Pivot Point – $273.98
R1 – $299.74
R2 – $333.36
R3 – $359.12
R4 – $384.89

S1 – $240.36
S2 – $214.60
S3 – $180.98
S4 – $147.37

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