Tesla shares rebound on Thursday, KeyBanc projects slower Model 3 deliveries in Q4

According to a note by KeyBanc Capital Markets analysts, Tesla Inc (TSLA) may deliver approximately 5 000 Model 3 vehicles during the fourth quarter. That compares with the brokerage firms estimate of 15 000 vehicles. The forecast came after last weeks conversations with sales personnel at 18 stores across the United States.

Tesla shares closed higher for the second time in the past eight trading sessions on Thursday. The stock went up 1.19% ($3.72) to $315.36, after touching an intraday low at $309.57, or a price level not seen since December 6th ($300.00).

In the week ended on December 24th the shares of the luxury electric vehicle manufacturer lost 5.31% of their market value compared to a week ago, which marked the second drop out of six weeks. It has also been the worst performance since the week ended on October 29th.

However, due to yesterdays gain, the stock has extended its advance to 2.11% so far during the current month, following a 6.84% slump in November. The latter has been a third 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 47.58% so far in 2017.

“We talked to stores in California doing as many as a dozen per week with around 10 being the average, and we estimate stores outside of California were doing something closer to half a dozen per week”, KeyBanc analysts wrote in a note to clients, cited by Reuters.

In Q3 the electric vehicle maker produced 260 Model 3 sedans only, or far below its own objective to build over 1 500 vehicles, because of “production bottlenecks”.

It was in November, when Tesla announced it expected to produce 5 000 Model 3 vehicles per week at some point during the first quarter of 2018.

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 $155.00. The median estimate is a 1.70% decrease compared to the closing price of $315.36 on December 28th.

The same media also reported that 9 out of 28 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while other 9 – as “Hold”. On the other hand, 7 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 – $315.93
R2 – $316.51
R3 (Range Resistance – Sell) – $317.08
R4 (Long Breakout) – $318.80
R5 (Breakout Target 1) – $320.81
R6 (Breakout Target 2) – $321.73

S1 – $314.79
S2 – $314.21
S3 (Range Support – Buy) – $313.64
S4 (Short Breakout) – $311.92
S5 (Breakout Target 1) – $309.92
S6 (Breakout Target 2) – $308.99

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

Central Pivot Point – $332.25
R1 – $339.68
R2 – $354.16
R3 – $361.59
R4 – $369.02

S1 – $317.77
S2 – $310.34
S3 – $295.86
S4 – $281.38

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