After a superb move last year, Tesla Inc (NASDAQ:TSLA) stock continues to trade weak over the past few weeks. The recent sell-off has pulled the stock 30% from its all-time high of $900.40.
TSLA stock is down another 5% at $636 this morning and today slipped below its 50-day moving average price of $680.23. So in the short term, the stock may continue to see selling pressure on any rise.
The next support for the stock could be around the $570-80 range – which is the 200-day moving average price.
It should be noted that TSLA did fall below 200-day moving in early March and touched a low of $539.50. However, after this, the stock recovered well and went up as high as $762 in mid-April.
But since then TSLA stock reversed and seeing continuous selling pressure. Although a long-term uptrend may be here, for the short term the stock might take to recover as we are witnessing the sell on rise tactic instead of buy on dips last year.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.