Tesla Motors Inc TSLA shares are trading lower by $15.28 (9.7 percent) at $147.22 in Monday's session. It has fallen under $150 for the first time since January 14, 2014, when it bottomed at $136.67.
Only six trading sessions ago, Tesla made its final attempt to remain in the $200 handle, when it peaked at $199.52, but weakened to end the session at $196.94. Since that day, it has only one session in the green and that a paltry $1.85 gain last Thursday.
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The issue best exemplifies the recent trend in investor sentiment that has them abandoning issues that trade at extremely high multiples with little or no formidable earnings trends.
After a lower open, beyond Friday's low ($157.74), it rallied only to $157.15 before sellers flooded the issue. So far, it has reached $146.26, but has not been able to distance itself from that level.
If the decline continues, there are no major support points based on the daily charts until the previously mentioned low at $136.67.
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