Shares of Tesla, Inc. TSLA fell Monday by more than $40 and it looks like the selling will continue.
Some have attributed the move to the company suspending its Shanghai factory expansion, while others say it's due to a deadly crash in Texas. Either way, the bears are firmly in control.
See Also: Tech Downturn Advances, With Apple, Tesla Coming Under Early Pressure
There is a chance shares find support around the $590 level. This is where they found support and made a bottom in late March and a significant move higher followed.
Of course, there is no guarantee this happens again, but there is a good chance buyers start to come into the market if the shares do reach $590. This could cause the sell-off to end.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.