The stock is down $3.53 (-1.33%) at $261.00 after trading as low as $254.46.Here's the chart:
During the stock's March-April 2018 mini-crash TSLA traded as low as $244.59 on April 2.
Our warning on March 27, 2018 was "Tesla's Stock Is In A Very Dangerous Spot (TSLA)" at $301.10.
That $240 - 245 area would be the next support level and should that break the February 2016 lows around $140 - 145 would come into play....
Over the past seven years, I’ve written many positive things about Tesla. There is an entire subculture, however, which actually despises the company and, even moreso, its leader, Elon Musk (I almost typed “founder”, but as Jobs did with Pixar, he didn’t actually start the place – – he just bought it when it was cheap and going nowhere).
Anyway, there are plenty of concepts and people I have no trouble bashing, but I’ve never joined the TSLA hate-fest. Those who have, however, are probably delighted at this morning’s pre-market action:
The reason for the slump – – and it’s off about 33% since September 2017 – – is simple. The cars just aren’t selling. The company is issuing all kinds of complex-sounding reasons why the numbers are down, but the chart tells the story better than any press release:...If you're long, be careful and hyper-aware. As always, Your mileage (range) may vary.
***As for the longer-term chart, it isn’t an especially easy chart to read, but it seems to me that a failure of $242 (which is quite a ways below, even with the selloff this morning) would pretty much send things into a tailspin....MORE
Also yesterday:
Tesla Analyst Roundup (TSLA)
