Citron Halts Tesla's March To New All-Time High

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Tesla Motors Inc MSFT shares were trading higher by $5.55 (2.3 percent) at $274.70 in Friday's session. The catalyst for the rally is a report that Tesla's Model S deliveries were up 52 percent year-over-year.

After a sharply higher open, the issue rallied all the way to $282.45. That high coincides with its high from September 12, 2014, at $282.39.

The rally was interrupted just before 10:00 a.m. ET when influential short-seller Citron Research Group announced "time to re-enter $TSLA short after being patient- deliveries were underwhelming to a watchful eye" good car- stupid stock."

See Also: Citron Research Re-Enters Tesla Short Position, Says Deliveries Were 'Underwhelming To A Watchful Eye'

The issue, which had already been heading south, has picked up some momentum reaching $273.31 and rebounding back over $274. If the decline continues through the intra-day low, there may be support at Wednesday's close ($269.15).

Editor's note: At time of publication, shares were trading more than $6.70 higher at $275.86.