Tesla shares close lower on Friday, company’s borrowing capacity for car leases almost doubled

According to a filing by Tesla Inc on Friday, the company’s borrowing capacity for a car lease program has been increased from $600 million to $1.1 billion under certain warehouse agreements.

Tesla shares closed lower for a second consecutive trading session on Friday. The stock went down 1.91% ($6.71) to $345.10, after touching an intraday low at $344.43, or a price level not seen since October 9th ($342.67).

In the week ended on October 22nd the shares of the luxury electric vehicle manufacturer lost 2.94% of their market value compared to a week ago, which marked a second consecutive period of losses. It has also been the steepest weekly retreat since the week ended on September 24th.

The stock has pared its advance to 1.17% 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 61.50% so far in 2017.

Tesla’s decision came after earlier this month the company said “production bottlenecks” had obstructed the planned increase for its Model 3 mass-market sedan.

It was in August, when the company announced plans to raise $1.5 billion via an offering of junk bonds in an attempt to boost Model 3 production. It would be the first offering of such debt instruments in Tesla’s history.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $328.00, with a high estimate of $500.00 and a low estimate of $155.00. The median estimate is a 4.96% decrease compared to the closing price of $345.10 on October 20th.

The same media also reported that 8 out of 25 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – 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 – $346.04
R2 – $346.97
R3 (Range Resistance – Sell) – $347.91
R4 (Long Breakout) – $350.72
R5 (Breakout Target 1) – $353.99
R6 (Breakout Target 2) – $355.33

S1 – $344.16
S2 – $343.23
S3 (Range Support – Buy) – $342.29
S4 (Short Breakout) – $339.48
S5 (Breakout Target 1) – $336.21
S6 (Breakout Target 2) – $334.87

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

Central Pivot Point – $350.81
R1 – $357.29
R2 – $369.47
R3 – $375.95
R4 – $382.42

S1 – $338.63
S2 – $332.15
S3 – $319.97
S4 – $307.78