Tesla just closed at its lowest level in 2 years, breaking below a key price
its lowest closing price since March of 2017, and finished below the $250 level that is widely viewed among technical analystsesla's stock is nearing a key price. Here's what the pros are saying.
"We're a little surprised that this is not getting more attention today... because this is a well-known support level around the street," Matt Maley, an equity strategist at the firm Miller Tabak, wrote in a note to clients out Thursday morning. He said that a close below $250 would signal that shares could fall significantly further from here.
"It almost seems like a situation where people see it as the boy who cried wolf," Maley wrote."Thus nobody wants to say anything about the technical aspects of the stock... unless or until it finally does fall below that key support level in a compelling manner."In other words, maybe Mr. Musk can pull a rabbit out of a hat once again... but there's no question that the stock is sitting at a very important technical level.
To be sure, Wall Street on the whole still thinks shares are headed higher. The average Wall Street analyst's price target of $296, per data compiled by Bloomberg, implies a 19% rally from Thursday's session lows.Read more Tesla coverage from Markets Insider and Business Insider:
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