Tesla (NASDAQ: TSLA) fell short of market expectations for third-quarter deliveries on Monday due to scheduled upgrades at its factories for the introduction of an enhanced version of the Model 3 mass-market sedan, leading to temporary production pauses.
Following the announcement of the delivery shortfall, Tesla’s stock initially dropped nearly 3% but later saw a modest recovery, finishing the day almost unchanged at $251.60.
For the quarter ending on September 30, the electric vehicle manufacturer delivered 435,059 vehicles, reflecting a nearly 7% dip from the preceding quarter. Tesla attributed the sequential decline in delivery volumes to planned factory downtimes for upgrades, as previously disclosed in the latest earnings call, reiterating its commitment to achieving a volume target of around 1.8 million vehicles in 2023.
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Given the latest news and the fact the company is set to report its quarterly results on October 18, Finbold turned to AI algorithms at CoinCodex to predict TSLA stock price for the end of October as industry analysts speculate that it may see a resurgence in deliveries during the fourth quarter with anticipated deliveries of the revamped and higher-priced Model 3 compact sedan are slated to commence in the fourth quarter. Additionally, a Cybertruck launch event is on the horizon later this year.
Remarkably, the AI tool predicts a price of $246.30 for October 31, just below the current price of the EV giant, which stands at $251.60. What’s intriguing is that the forecast anticipates Tesla to reach $318.50 in six months, only to dip to $244.29 a year from now.
TSLA chart analysis
Over the past month, Tesla has exhibited a notable trading range, oscillating between $234.58 and $278.98, indicating considerable market volatility.
Presently positioned at the midpoint of this range, potential resistance levels may manifest above its current valuation. Noteworthy is the observation of 17 positive trading days within the preceding 30 days, accounting for a 57% occurrence.
Furthermore, TSLA currently finds itself trading in the upper echelon of its 52-week range. Parallelly, the S&P 500 Index is also navigating the upper spectrum of its own 52-week range. This synchronous movement suggests that Tesla’s performance is roughly congruent with the broader market trends.
Examining key levels, a robust support zone is discerned, spanning from $247.20 to $251.06. This support is underpinned by a confluence of multiple trend lines and pivotal moving averages across various time frames.
Conversely, a formidable resistance zone ranging from $270.95 to $270.98 is identified, fashioned through the convergence of several trend lines spanning diverse temporal horizons.
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