On January 26th the NASDAQ-listed Tesla Motors Inc (TSLA) acknowledged that a EUR 100 million order with German supplier SHW AG was canceled by the client, while cancellation itself was not in any way related to the outcome of the US presidential election.
Tesla shares registered their largest daily slump since January 17th on Thursday, while also marking a second straight session of losses. The stock went down 0.77% ($1.96) to $252.51, with the daily high and the daily low being at $255.74 and $250.75 respectively. In the week ended on January 22nd the shares of the electric car manufacturer added 2.94% to their market value compared to a week ago, which marked a seventh consecutive period of gains. The stock has pared its advance to 18.17% so far during the current month, after rising 12.82% in December. The latter has been the first monthly gain since last July. For the entire 2016, the shares of the NASDAQ 100-featured electric car maker lost 10.97%.
According to reports by the German media, the large order was canceled due to political reasons, after US President Donald Trump held a meeting with chief executives, including Tesla Motors Elon Musk, on January 23rd.
“The main reason why we now confirm that we canceled the order is to counter those utopian claims that we were acting in response to political pressure”, a spokesperson for Tesla Europe said yesterday, cited by Reuters. “The fact is the order was canceled because technical standards werent complied with.”
Tesla Europes response came two days after SHW had stated that technical specifications for axle-drive pumps not meeting the client companys requirements was the reason behind order cancellation. The German supplier, however, refused to accept such a reason, while also not saying who the client was.
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 – $252.97
R2 – $253.42
R3 (Range Resistance – Sell) – $253.88
R4 (Long Breakout) – $255.25
R5 (Breakout Target 1) – $256.86
R6 (Breakout Target 2) – $257.54
S1 – $252.05
S2 – $251.60
S3 (Range Support – Buy) – $251.14
S4 (Short Breakout) – $249.77
S5 (Breakout Target 1) – $248.16
S6 (Breakout Target 2) – $247.48
By using the traditional method of calculation, the weekly levels of importance for Tesla Motors Inc (TSLA) are presented as follows:
Central Pivot Point – $242.59
R1 – $250.82
R2 – $256.90
R3 – $265.13
R4 – $273.35
S1 – $236.51
S2 – $228.28
S3 – $222.20
S4 – $216.11
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