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Tesla shares fall for a fourth straight session on Tuesday, company to achieve daily rate of over 500 Model 3 sedans this week, reports Electrek

According to a report by Electrek website on Tuesday, Tesla Inc’s Chief Executive Officer Elon Musk expects the company to achieve a daily production rate of more than 500 Model 3 vehicles during the present week.

Tesla shares closed lower for a fourth consecutive trading session on Tuesday. The stock went down 2.67% ($7.79) to $284.18, after touching an intraday low at $280.50, or a price level not seen since May 4th ($279.52).

In the week ended on May 13th the shares of the luxury electric vehicle manufacturer added 2.37% to their market value compared to a week ago, which marked a third consecutive period of gains. It has also been the best performance since the week ended on April 8th.

However, due to the recent string of losses, the stock has extended its drop to 3.31% so far during the current month, following a 10.43% surge in April. The latter has been the first gain out of three months.

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

Translated in weekly terms, the automotive news website suggests that Tesla could manufacture about 3 500 Model 3 sedans during the current week. In comparison, the company managed to achieve a weekly production rate of 2 270 Model 3 cars during the final week of April.

The report by Electrek followed a statement earlier this week by CEO Elon Musk, who said the company was undergoing a “thorough reorganization” amid production issues, departures by senior employees as well as recent Tesla vehicle crash reports.

According to Musk, in order to “support the Model 3 production ramp and future product development”, Tesla will continue hirings, especially those concerning key positions.

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $287.00, with a high estimate of $470.00 and a low estimate of $180.00. The median estimate is a 0.99% surge compared to the closing price of $284.18 on May 15th.

The same media also reported that 11 out of 26 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 6 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 – $284.77
R2 – $285.36
R3 (Range Resistance – Sell) – $285.96
R4 (Long Breakout) – $287.73
R5 (Breakout Target 1) – $289.81
R6 (Breakout Target 2) – $290.72

S1 – $283.59
S2 – $283.00
S3 (Range Support – Buy) – $282.40
S4 (Short Breakout) – $280.63
S5 (Breakout Target 1) – $278.55
S6 (Breakout Target 2) – $277.64

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

Central Pivot Point – $303.07
R1 – $310.98
R2 – $320.89
R3 – $328.80
R4 – $336.70

S1 – $293.16
S2 – $285.25
S3 – $275.34
S4 – $265.42 is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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