Tesla shares sank 8%, reaching a new 52-week low
As Tesla shares sank 8%, reaching a new 52-week low, CEO Elon Musk tried to blame macroeconomic factors.
Critics point to his acquisition of Twitter as a distraction, and Tesla stock has underperformed versus other automakers and the S&P 500 since he announced the deal in April.
Meanwhile, Tesla has been offering discounts and incentives to improve sales in China, fighting to improve efficiency in new factories in Texas and Germany, and facing supply chain issues and soaring energy prices in Europe.
Long-time Tesla bull Ross Gerber wrote in a tweet “Tesla stock price now reflects the value of having no CEO. Great job tesla BOD – Time for a shakeup. $Tesla.” Gerber has launched an informal campaign to have fellow shareholders vote to appoint him to Tesla’s board of directors.
Musk replied, in a tweet, “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”
But Tesla’s stock has dropped more than other larger automakers since Musk announced his plans to buy Twitter in Apr. 2022. Since that date, Tesla shares are down 59%, versus 26% for Ford and 12% for GM. The S&P 500 is down 14%.
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 oversold zone which shows bullishness. And stochastic is suggesting downtrend.
Tesla immediate support level is at 135.57 & resistance level is at 140.87
HOW TO TRADE IN THIS WEEK
Tesla is trading in a down channel; it will continue to trade downside until any trend reversal. So, remain bearish on it.