CMT Greg Harmon On Tesla: '$175 Or Lower Could Be In The Cards'

Speaking to Benzinga, Presidium Capital CIO and Chartered Market Technician Greg Harmon said that a technical analysis for Tesla Motors Inc TSLA shoes it is in a good spot to reverse.

“Oversold on RSI, at lower Bollinger Band and forming a Hammer today on the daily,” Harmon said of the stock’s levels.

But he said the weekly chart still does not look good.

“Lots of activity at the 200 Strike for this week and decent open interest there, so it may stay here for a bit, but no interest as it looks like $175 or lower could be in the cards,” he said.

Shares of Tesla are trading more than 1.5 percent lower today. Other automakers don’t seem to be having a good day either. General Motors Company GM is trading almost 1 percent down, and shares of Ford Motor Company F are trading lower as well.