Speaking to Benzinga about recent volatility in shares of Tesla Motors Inc (NASDAQ: TSLA), technical analyst Anne-Marie Baiynd said that when stocks roll over, the stocks chop around for a bit before going into support.
“The psychology with Tesla is that people always feel left out. So, as the chart is rolling over, people misinterpret the pullback as a good buy point to double down or get long,” she said. “Then, all of the sudden, they’re trapped.”
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Baiynd said that $192 may be support, but if the market weakens, people may take more profit.
Tesla traded down 3 percent down for the day.
Other automakers are trading lower as well, as General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) were both down about 1 percent.
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