Last week, Tesla Inc revealed a new version of its Model 3 vehicle on its website, priced at $45 000. The rear-wheel-drive sedan will be equipped with a ”mid range” battery, sufficient for a 260-mile distance. In comparison, the more expensive Model 3 version has a long-range battery capable of covering a 310-mile distance.
Tesla shares closed lower for a third consecutive trading session on NASDAQ on Friday. The stock went down 1.48% ($3.91) to $260.00, after touching an intraday low at $253.50, or a price level not seen since October 12th ($252.01).
Shares of Tesla Inc have retreated 16.49% so far in 2018 compared with an 11.11% gain for the benchmark index, Nasdaq 100 (NDX).
In 2017, Tesla’s stock surged 45.70%, thus, it outperformed the Nasdaq 100, which registered a 31.52% return.
Tesla has previously pledged to launch a base-level version of its Model 3, which will cost as much as $35 000. According to Reuters, however, the electric car maker has so far managed to produce more costly Model 3 versions only – with a starting price of $49 000.
According to the website, the new version of the Model 3 sedan can be delivered within 6 to 10 weeks, which would make clients eligible for the current US tax credit of $7 500 in case the vehicle delivery is taken by the end of 2018.
According to CNN Money, the 30 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $299.50, with a high estimate of $530.00 and a low estimate of $100.00. The median estimate represents a 15.19% upside compared to the closing price of $260.00 on October 19th.
The same media also reported that 10 out of 31 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 8 – as “Buy”. On the other hand, other 8 analysts had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Tesla Inc (TSLA) are presented as follows:
Central Pivot Point – $265.40
R1 – $277.30
R2 – $294.60
R3 – $306.50
R4 – $318.40
S1 – $248.10
S2 – $236.20
S3 – $218.90
S4 – $201.60
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
