Tesla shares fall the most in two weeks on Monday, investors concerned about delivery prospects

Shares of Tesla Inc (TSLA) marked their sharpest daily loss in two weeks yesterday, as concerns arose over the companys ability to meet production targets on its Model 3, following the missed third-quarter objectives.

Tesla shares closed lower for the first time in the past seven trading sessions on Monday. It has also been the steepest daily loss since September 22nd. The stock went down 3.91% ($13.94) to $342.94, after touching an intraday low at $342.67, or a price level not seen since October 3rd ($331.28).

In the week ended on October 8th the shares of the electric car manufacturer added 4.63% to their market value compared to a week ago, which marked the first gain in three weeks.

The stock has pared its advance to 0.54% so far during the current month, following a 4.16% slump in September. The latter has been a second loss out of seven months.

For the entire past year, the shares of the NASDAQ-listed electric car maker lost 10.97%. However, the stock has gained 60.48% so far in 2017.

Last week Tesla said that 220 Model 3 sedans were delivered during the third quarter, while 260 vehicles were produced. In comparison, analysts on average had anticipated a delivery of 1 260 Model 3 sedans.

In its second-quarter financial report, the company had noted that “a rate of 5 000 Model 3 vehicles per week by the end of 2017” was expected to be achieved.

Meanwhile, last Friday the Wall Street Journal reported that major portions of Teslas Model 3 were being built by hand. In a response to that report, the companys CEO Elon Musk posted a video on Instagram featuring the Model 3 production line.

Reuters reminded that Tesla had also postponed the debut of its keenly anticipated semi-truck.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $318.50, with a high estimate of $464.00 and a low estimate of $155.00. The median estimate is a 7.13% decrease compared to the closing price of $342.94 on October 9th.

The same media also reported that 8 out of 24 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 6 – 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, todays levels of importance for the Tesla stock are presented as follows:

R1 – $343.77
R2 – $344.60
R3 (Range Resistance – Sell) – $345.44
R4 (Long Breakout) – $347.93
R5 (Breakout Target 1) – $350.85
R6 (Breakout Target 2) – $352.03

S1 – $342.11
S2 – $341.28
S3 (Range Support – Buy) – $340.44
S4 (Short Breakout) – $337.95
S5 (Breakout Target 1) – $335.03
S6 (Breakout Target 2) – $333.85

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

Central Pivot Point – $349.42
R1 – $367.56
R2 – $378.24
R3 – $396.38
R4 – $414.52

S1 – $338.74
S2 – $320.60
S3 – $309.92
S4 – $299.24