Tesla shares retreat for a fifth straight session on Monday as Goldman Sachs reiterates its ”Sell” rating on the stock

Shares of Tesla Inc (TSLA) plummeted more than 2% on the NASDAQ yesterday after Goldman Sachs was reported to have reiterated its ”Sell” rating on the stock as well as its price target of $205. Based on Tesla’s data points so far, the bank expects disappointing deliveries during the first quarter.

Tesla shares closed lower for a fifth consecutive trading session on Monday. The stock went down 2.42% ($7.79) to $313.56, after touching an intraday low at $309.67, or a price level not seen since February 12th ($306.25).

In the week ended on March 18th the shares of the luxury electric vehicle manufacturer lost 1.78% of their market value compared to a week ago, which marked a third consecutive period of decrease.

The stock has extended its loss to 8.60% so far during the current month, following a 3.18% slump in February. The latter has been the fourth drop out of six months.

For the entire past year, the shares of the NASDAQ-listed electric car maker rose 45.70% following a 10.97% slump in 2016.

“We believe the company is tracking below its 2018 Model S/X guidance of approx. 100K units (an implied 25,000 per quarter)”, Goldman said in a client note, cited by MarketWatch.

“Further, while monthly Model 3 deliveries are showing sequential improvement, we estimate that they will fall well short of consensus expectations.”

Overall, the bank projects a slow production ramp for Tesla’s Model 3 sedan.

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 $170.00. The median estimate is a 1.14% decrease compared to the closing price of $313.56 on March 19th.

The same media also reported that 9 out of 28 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while other 9 – 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 – $314.58
R2 – $315.59
R3 (Range Resistance – Sell) – $316.61
R4 (Long Breakout) – $319.65
R5 (Breakout Target 1) – $323.21
R6 (Breakout Target 2) – $324.78

S1 – $312.54
S2 – $311.53
S3 (Range Support – Buy) – $310.51
S4 (Short Breakout) – $307.47
S5 (Breakout Target 1) – $303.91
S6 (Breakout Target 2) – $302.34

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

Central Pivot Point – $329.21
R1 – $339.35
R2 – $357.35
R3 – $367.49
R4 – $377.63

S1 – $311.21
S2 – $301.07
S3 – $283.07
S4 – $265.07