21 Mar The Tesla trend is broken so more losses likely lie ahead, says Carter Worth
(Check out Carter’s worthcharting.com for actionable recommendations and live nightly videos.) Tesla is flirting with a break in trend. We would continue to reduce exposure to the stock. Tesla’s 12-week, 55% decline leaves the stock down to a well-defined, multi-year trendline in effect since 2019 when TSLA traded at $12 a share. Bulls are making a stand here, believing that the stock now is very cheap. Bears are pressing their bets, believing the worst is yet to come. From a technical standpoint, breaking trend is never good. We ourselves believe that’s what’s in store for Tesla. We remain sellers. DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.