Business

Watch out below as Tesla breaks key support, MKM analyst says


Its stock is falling and now down 8% this week after a third fatal crash involving its autopilot function embroiled the electric carmaker in bad press.


Those losses added to a 34% slump in 2019, putting it on track to post its worst annual drop ever.


Evercore, for example, reduced its price target to $200 "on valuation and lower delivery estimates across all models."


"Any time you have major support that breaks, the next key is you have to look for where's the next downside level," O'Hara said Thursday on CNBC's " Trading Nation . "


"We think the downside risks far outweigh any sort of oversold bounce because, again, broken support turns to new resistance.


John Petrides of Point View Wealth Management says while the stock is coming down from "ridiculously high" levels, operational headwinds remain for the company.






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