This Technical Analyst Sees $165 A Share For Tesla

Tesla Motors Inc. TSLA shares continued a downward trend Tuesday after a technical analyst suggested the stock could go as low as $165.

Reading the technical levels in Monday's trading, Orips Research's Zev Spiro discerned a "bearish pattern" suggesting a "downtrend with a minimum expected price objective in the $165 area."

Spiro saw a negative signal Monday "below the slightly upward slanted neckline of the topping pattern."

Spiro continued that "indicators are generally negative, adding to the overall bearish tone."

Tesla shares also may be under pressure also from the unconfirmed report Friday that Volkswagen AG VLKAY acquired a 5 percent stake in battery start-up QuantumScape Corp.

Bloomberg said Volkswagen seeks to more than triple the range of its electric cars, and has an option to increase its stake in San Jose-based QuantumScape.

Tesla shares are down more than 38 percent during the past three months on worries that lower oil prices will hurt demand for its electric-powered vehicles. Also, the launch of its latest Model X vehicle is coming later than expected.

Tesla traded recently at $210.68 a share, down $3.68.