Tesla shares have been among the most popular to trade capturing the imagination of the masses as it often has made the top list of most widely owned stocks by Robinhood traders. It’s options also regularly make the top 100 in terms of trading volume every single day.
Volatility attracts traders – which TSLA shares have – while the story of Tesla and Elon Musk attracts the type of dreamers who like to put their money into concepts much like Bitcoin players in 2017. There are many Tesla stock investors who know nothing about the company’s earnings and just assume a day will come when tens of millions of Tesla’s will be on the road just as many crypto people have convinced themselves that virtual currencies are money even though Bitcoin is slowly dying out.
But TSLA stock is now on the verge of facing a key technical long-term breakdown. It’s about to test a key support level, of which if it closes below, we can expect further selling to continue throughout the rest of this year.
If TSLA closes below $280 it will confirm a new downtrend in the stock and you can expect further selling to come.
Recent headlines have focused on Musks announcement that he is closing up his Tesla car dealership to focus on online sales and cut costs, but there have been more important recent developments surrounding Musk and the Tesla company – from disturbing battles against the SEC to another totally bizarre conference call last week.
That story is talked about in a podcast last week by the QTR Podcast and Tesla critic “Montana skeptic.”
The clock appears to be ticking for Tesla shareholders as a coming test of critical price support for TSLA is now approaching.
For more of today’s news go here.