Tesla breaks support: Falls to the lowest since 2020 | Forexlive
There is no stock that better-exemplified the bull market of the past decade, and especially the covid bull market. It traded at a split-adjusted $23.37 in March of 2020 and rose as high as $414.50.
Many high-flying tech stocks have reverted to pre-covid levels ($51 fro Tesla) and some all the way to covid lows, if not lower.
The idea of full-self driving is still sci-fi and likely won’t happen any time soon. That will leave Tesla to compete on price and supply chains with major automotive manufacturers, who are slowly closing the driver-assistance gap on Tesla. Meanwhile, Musk is divided as the CEO of three companies and his public image is taking a battering.
What’s scary here though are the technicals. The break of $179 — especially on a daily/weekly close — is a big problem.
Dennis Gartman liked to say that when a war is lost, they shoot all the generals. It’s a metaphor about bull markets ending. Well, we’ve seen many of the tech darlings go down but Elon is still standing. For how long? Given that he sold $4 billion in shares in the past week, you have to wonder if he knows his time is up.