Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Seeking Alpha 2021-05-18 08:10:33

Tesla stock closes back below key technical level; here's what's weighing on shares

Tesla (TSLA) shares were the weakest among the Big Six megacaps in Monday's trading, declining more than 2% and falling back below their 200-day simple moving average.Other highly-valued stocks have seen weakness lately. Fellow megacap Apple, for example, has also been testing its 200-day SMA, although it has survived that test so far.But Tesla shares are feeling pressure coming from a few directions, related to and unrelated to its core business of selling cars.Stock numbers: In Monday's session, Tesla fell back below the 200-day SMA, which sits at about $584.Last week Tesla fell below that level for the first time since March 2020, at the depth of the COVID-related selling and momentum has been a concern for a month.Shares are now down 35% from their closing high in late January and 24% lower from the recent high on April 13.Just two trading sessions earlier, on April 9, the 50-day SMA

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.