Tesla shares gain for a second straight session on Monday, full self-driving features for company’s Autopilot to be launched in August

June 12, 2018 7:15 am

Shares of Tesla Inc (TSLA) surged almost 5% on Monday, after CEO Elon Musk said in a tweet that full self-driving features would be introduced for the company’s Autopilot driver assistance system through a software upgrade in August.

Tesla shares closed higher for a second consecutive trading session on NASDAQ on Monday. It has also been the sharpest daily surge since June 6th. The stock went up 4.55% ($14.44) to $332.10, after touching an intraday high at $334.66, or a price level not seen since March 14th ($339.81).

Shares of Tesla Inc have risen 6.66% so far in 2018 compared with a 12.07% 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.

The announcement comes after a series of crash reports in the media, involving Tesla vehicles, which urged regulators to scrutinize the electric car maker’s Autopilot system.

“Speaking of merging and autopilot the biggest issue i have noticed is when two lanes merge and it is rush hour traffic. The autopilot is not able to decide to let the car slightly ahead on the neighboring lane go ahead and I invariably find myself cornered !”, Anand Krishnamurthy posted on Tweeter on June 10th.

In a response, Tesla CEO Elon Musk tweeted: “That issue is better in latest Autopilot software rolling out now & fully fixed in August update as part of our long-awaited Tesla Version 9. To date, Autopilot resources have rightly focused entirely on safety. With V9, we will begin to enable full self-driving features.”

Meanwhile, according to Reuters, last week a consumer advocacy group suggested that Tesla should fix “flaws” in its Autopilot system. A preliminary government report stated that during the last six seconds before a Model X vehicle crashed on March 23rd, leading to the death of the driver, the latter did not have his hands on the steering wheel.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $289.00, with a high estimate of $530.00 and a low estimate of $180.00. The median estimate is a 12.98% decrease compared to the closing price of $332.10 on June 11th.

The same media also reported that 12 out of 26 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 6 – as “Buy”. On the other hand, other 6 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 – $333.21
R2 – $334.33
R3 (Range Resistance – Sell) – $335.44
R4 (Long Breakout) – $338.79
R5 (Breakout Target 1) – $342.69
R6 (Breakout Target 2) – $344.62

S1 – $330.99
S2 – $329.87
S3 (Range Support – Buy) – $328.76
S4 (Short Breakout) – $325.41
S5 (Breakout Target 1) – $321.51
S6 (Breakout Target 2) – $319.58

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

Central Pivot Point – $311.47
R1 – $336.19
R2 – $354.73
R3 – $379.45
R4 – $404.18

S1 – $292.93
S2 – $268.21
S3 – $249.67
S4 – $231.14

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