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Technical Analyst Anne-Marie Baiynd On Tesla: 'It Is In A Natural And Mechanical Retrace'

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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.”

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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