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Could Reddit Traders Turn On Elon Musk And Target Tesla's Stock?

May 17, 2021 11:03 am
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Could Reddit Traders Turn On Elon Musk And Target Tesla's Stock?

If Elon Musk continues to negatively impact Bitcoin (CRYPTO: $BTC) with social media commentary, there is a chance Reddit traders could turn against him and try to negatively influence the share price of Tesla Inc (NASDAQ:TSLA), co-host Joel Elconin said Monday on Benzinga's YouTube show "PreMarket Prep."

"There is an argument there," co-host Dennis Dick said.

Dick mentioned that he has seen revenge talk on Twitter, but it is harder for the Reddit crowd to move a stock down because most retail traders do not short stocks.

Tesla is one stock Dick would "absolutely not want to own," he said, adding that if he had a list of 10 worst stocks to own, Tesla would be on it. 

See also: How to Invest in Tesla Stock

Tesla Analysis: Tesla is in a clear downtrend and the market is currently favoring value, Dick said, also mentioning that Tesla is the opposite of a value stock. 

Elconin said that from a technical standpoint, Tesla looks unfavorable.

Investors should wait to see a green candle on a monthly chart before considering the stock, Elconin said, noting that he does not expect to see a green candle this month. Dick agreed with Elconin saying that the technicals "look broken."

Eventually, Dick expects the stock to trade below $400 per share. 

Related Link: Elon Musk Hints At Possible Dumping Of Tesla's Bitcoin Holdings

TSLA Price Action: At last check Monday morning, Tesla was down 1.45% at $581.17.



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