Tesla shares close lower on Tuesday, company falls short of its weekly production objective for Model 3

Tesla Inc (TSLA) fell short of its weekly production objective for its Model 3, a report on Tuesday showed. The electric car maker also said it had to cope with a 40% import tariff in China as a result of trade friction between the United States and the Asian country.

Tesla shares closed lower for the third time in the past eight trading sessions on NASDAQ on Tuesday. The stock went down 3.12% ($9.68) to $301.02, after touching an intraday low at $299.15, or a price level not seen since September 28th ($260.56).

Shares of Tesla Inc have retreated 3.32% so far in 2018 compared with a 19.26% gain for the underlying index, Nasdaq 100 (NDX).

In 2017, Tesla’s stock surged 45.70%, thus, it outperformed the Nasdaq 100, which registered a 31.52% return.

More than 5 300 Model 3 vehicles were manufactured during the final week of September, which missed a weekly target of 6 000 Model 3s.

Tesla managed to manufacture a total of 53 239 Model 3 vehicles in the third quarter, which was in unison with its quarterly objective of 50 000 to 55 000 vehicles. Meanwhile, 55 840 Model 3s were delivered to clients during the latest quarter.

With the inclusion of Teslas flagship Model X and S cars, a total of 80 142 vehicles were manufactured during the third quarter, while 83 500 vehicles were delivered.

Tesla has already said it expected to deliver nearly 100 000 Model X and Model S vehicles this year.

“With production stabilized, delivery and outbound vehicle logistics were our main challenges during Q3,” the electric car maker said in a statement, cited by Reuters.

According to CNN Money, the 28 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $306.70, with a high estimate of $530.00 and a low estimate of $100.00. The median estimate represents a 1.89% upside compared to the closing price of $301.02 on October 2nd.

The same media also reported that 10 out of 28 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 8 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 – $302.64
R2 – $304.26
R3 (Range Resistance – Sell) – $305.88
R4 (Long Breakout) – $310.75
R5 (Breakout Target 1) – $316.43
R6 (Breakout Target 2) – $318.82

S1 – $299.40
S2 – $297.78
S3 (Range Support – Buy) – $296.16
S4 (Short Breakout) – $291.29
S5 (Breakout Target 1) – $285.61
S6 (Breakout Target 2) – $283.22

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

Central Pivot Point – $280.10
R1 – $299.63
R2 – $334.50
R3 – $354.03
R4 – $373.57

S1 – $245.23
S2 – $225.70
S3 – $190.83
S4 – $155.97