TESLA MARKET NEWS & PRICE PREDICTION | LATEST NEW TESLA SHARES DROPPED
28 Dec 2022
Tesla’s stock is headed for its worst month, quarter, and year on record
Tesla shares dropped 11% on Tuesday and are now down 44% in December
Investors are bailing on the stock as challenges mount for Tesla abroad and at home, and as Elon Musk continues to spend an outsize amount of time at Twitter.
Multiple outlets reported fresh challenges for Tesla production in mainland China, as the automaker struggles to attract buyers in China and in North America.
Tesla’s sell-off intensified on Tuesday, with the stock closing down 11%. Elon Musk’s electric car company is days away from closing out its worst month, quarter and year on record and has moved past Meta to become the worst-performing stock in 2022 among the most valuable tech companies.
The latest drop comes after The Wall Street Journal reported that Tesla will continue a weeklong production halt at its Shanghai facility, facing a fresh onslaught of Covid cases within its Chinese workforce.
Tesla shares have fallen 73% from their record high in November 2021. The stock is down 69% in 2022, more than double the decline in the Nasdaq. Among major carmakers, Ford is down 46% and General Motors has fallen 43%. Since its IPO in 2010, Tesla has only fallen in one other year, an 11% drop in 2016.
TESLA TECHNICAL ANALYSIS DAILY CHART:
In daily chart Tesla currently is trading in down channel. It is currently trading below all SMA.
RSI is in selling zone which shows bearishness. And stochastic is suggesting down trend.
Tesla immediate support level is at 108.75 & resistance level is at 123.09
HOW TO TRADE IN THIS WEEK
Tesla is trading in down channel; it will continue to trade downside until any trend reversal. So, remain bearish on it.