Tesla shares have taken a wrong turn, and one technician says the charts point to more hardship ahead for the electric vehicle maker.
div > div.group > p:first-child"> The stock has tumbled more than 17 percent this year with losses accelerating last week following a mediocre reception to its Model Y unveiling. It is now 29 percent off its record high set in September 2017.
"You've been stuck in a trading range for about 2½ years – $245 on the lower end, $390 on the upper end. Back in December, you lost power at $390. You've been backing and filling since," Craig Johnson, chief market technician at Piper Jaffray, said Friday on CNBC's"Trading Nation." A drop to $240 would mark a decline of about 13 percent from current levels of $276. The stock has not traded below that price since the beginning of 2017.
"I can't get comfortable owning it right now," Bapis said Friday on the show."They're really struggling with brand definition. They don't really know who they are. They don't know what's the difference between them, Ford, GM, and they're struggling with production and delivery issues. The competition is heating up."
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