Tesla stock's RSI indicator sinks toward a record low, but oversold doesn't necessarily mean the selloff is over.
As Tesla Inc.’s stock keeps sinking toward the longest losing streak in more than four years, it has become the most oversold on a technical basis since going public 12 years ago.
Keep in mind that an oversold reading doesn’t necessarily mean the selloff is over, but it does send a warning to sellers that a snap-back bounce could occur at any time. With all that selling, the stock’s Relative Strength Index has dropped toward a record low of 17.26. As the chart above shows, it has exhibited oversold conditions a number of times over the past few months. Not only did the stock not snap back too sharply even as the RSI bounced, it continued to weaken. Some on Wall Street believe “oversold” is an ability rather than a condition, meaning the ability to become oversold is a sign of a downtrend’s strength.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla stock price falls as China plant slowdown to extend into JanuaryTesla stock drops as Elon Musk's EV maker extends slowdown of Shanghai plant through January
Read more »
Nio stock drops after Tesla halts production in ShanghaiShares of Nio Inc. dropped 5.7% in premarket trading Tuesday, to buck the rally in the broader stock markets, as Tesla Inc.’s extension of its production...
Read more »
Tesla stock falls again, toward longest losing streak in more than 4 yearsShares of Tesla Inc. sank 2.8% in premarket trading Tuesday, after the electric vehicle maker extended the production suspension its Shanghai plant on...
Read more »
Elon Musk tells investors he'll pause on Tesla stock salesElon Musk said he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders who have watched the stock lose nearly half of its value since Musk's purchase of Twitter.
Read more »
Tesla Halts Auto Production at Shanghai Plant in Rare Christmas SuspensionTesla halted car production at its Shanghai plant on Saturday, according to people familiar with the matter, as China’s Covid-19 outbreak takes out plant employees and suppliers
Read more »