Tesla shares gain for a fourth straight session on Friday, electric car maker already taking orders for Model 3 in China

According to Tesla Inc’s Chinese website, the company has already begun taking orders for its Model 3 sedan in the Asian country, with clients initially depositing as many as CNY 8 000 (or $1 153.07). According to Tesla’s Chief Executive Officer Elon Musk, some deliveries are expected to be made in March next year, but “April is more certain”.

Tesla shares closed higher for a fourth consecutive trading session on NASDAQ on Friday. It has also been the sharpest daily surge since November 13th. The stock went up 1.68% ($5.87) to $354.31, after touching an intraday high at $355.70, or a price level not seen since November 8th ($357.58).

Shares of Tesla Inc have risen 13.80% so far in 2018 compared with a 7.36% gain for the benchmark index, Nasdaq 100 (NDX).

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

In July, Tesla inked a deal with authorities in Shanghai to construct a $2 billion factory, its first one located outside the United States, which would increase the size of its manufacturing worldwide almost two times.

Tesla intends to produce Model 3 and Model Y vehicles at the Shanghai Gigafactory in eastern China, with the facility being intended to have a capacity of 250 000 vehicles per year. The electric car maker also said it would be looking to achieve a weekly production target of nearly 3 000 Model 3 vehicles in Shanghai.

According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $317.70, with a high estimate of $530.00 and a low estimate of $100.00. The median estimate represents a 10.33% downside compared to the closing price of $354.31 on November 16th.

The same media also reported that 10 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 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 – $346.73
R1 – $363.11
R2 – $371.92
R3 – $388.30
R4 – $404.69

S1 – $337.92
S2 – $321.54
S3 – $312.73
S4 – $303.93