Shares of the electric vehicle giant Tesla
TESLA INC
-3.73%
closure:0
opening:208.71
High:208.9
low:196.66
cycle:—
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Falling today by more than 4% to under $200 and losing a total of over 50% since the record it recorded in November 2021. Together with Friday’s decline, the company’s stock fell by 11% in just two trading days.
The key level is $200, the price the shares have held through a list of problems the electric vehicle pioneer is suffering from: weaker-than-expected deliveries in the third quarter, more delays at its factory in Shanghai due to China’s zero-corona policy, rising interest rates, weakening consumer demand and price cuts — again in China. And just as important – or perhaps more important – the tremendous resilience of the stock is the impact of the stock price on traders, who pay close attention to the chart patterns and support levels in the stock.
In Tesla’s case, a drop below $200 per share basically completes the end of a head and shoulders pattern – a stock chart that basically looks like a man shrugging his shoulders. At the beginning of the pattern, the stock moves up and down – a shrug. The head is the high and then the stocks form the second shrug.
Executives estimate that the next key level of the company’s stock is $180. The bullies claim even $100 if there is more bad news – about the economy or society. Traders watch for patterns that work – and provide insight into investor sentiment. The basics are not that important to them. They have many ways to make money in the stock market. Basically, the weakness in Tesla stock is to be blamed on Twitter. More precisely, The weakness is to be blamed on CEO Elon Musk, who now runs both companies.
Confusion has reigned on the social media platform since the billionaire became owner and CEO of the social network in late October. He has cut staff and battled with high-profile users such as best-selling author Stephen King. A big result of all the instability: advertisers have pulled back on their spending.
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Musk is vital to Tesla’s brand – and his bad PR is Tesla’s bad PR. The recession is still possible, and it will hurt the company’s demand, to which must be added the effects of the corona virus and the price reductions in China. But there is one variable that could stop, or at least slow, Tesla’s share decline: Elon Musk should get into the lane, under his Twitter management – stay there and drive the speed limit.
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