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Tesla Gets Crushed: Next Stop $590?

May 11, 2021 10:33 am
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Tesla Gets Crushed: Next Stop $590?

Shares of Tesla, Inc. (NASDAQ: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.

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