AP Photo/Jae C. Hong
- Tesla shares fell nearly 5% Monday morning to their lowest level since January 2017.
- One Wall Street strategist says technical damage has been done, and that there’s no real support until the $188 level.
- Tesla’s stock was trading at $229 on Monday morning.
- Watch Tesla trade live.
The bad news for Tesla shareholders keeps getting worse.
Heavy selling on Monday morning pushed shares down 4.44% to $229 apiece, their lowest level since January 2017. The stock is on track for a fifth straight day of losses.
A look at the chart shows the technical picture for Tesla isn’t a pretty one. Shares of the electric-car maker fell through key support at the $250 level late last month and have been unable to recover.
According to Matt Maley, managing director and equity strategist at Miller Tabak, it looks like the pain will continue. He told Markets Insider by email that the stock has "broken meaningfully below its 200 week moving average" for the first time in more than four years, adding that he doesn’t see solid support "until you get to the late 2016 lows of $188."
Tesla shares have been under pressure throughout 2019, but have plunged 22% since the company reported disappointing first-quarter deliveries on April 3. Also weighing on shares was a huge Q1 loss and a capital raise that underwhelmed some Wall Street analysts.
Tesla is down 32% this year.
Markets Insider
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Source: Business Insider – jgarber@businessinsider.com (Jonathan Garber)