MKM Partners的首席市场技术分析师JC O’Hara表示：“特斯拉跌破了趋势线，当我们分析特斯拉这类股票的时候，我们必须记住，它们很容易在上涨时反应过度，下跌时也如此。”TeslaTesla (TSLA) plummeted again this week.
Tesla has fallen 4 per cent since Monday, with the sell-off continuing, dragging down its share price by nearly 40 per cent from its January high. Tesla's latest sell-off is related to the sharp fall in Bitcoin-Tesla's chief executive, Elon Musk, said last week that the company would reverse its decision to allow purchases using Bitcoin, but later clarified that the company would continue to hold Bitcoin.
A technical graphics watcher warned that Tesla could face a bigger fall.
JC O'Hara, chief market technical analyst at MKM Partners, said: "Tesla has fallen below the trend line, and when we analyze stocks like Tesla, we have to keep in mind that they tend to overreact when they rise, as well as when they fall."
"when Tesla is on an upward trend, above the 200-day moving average, these overreactions are really positive," O'Hara told CNBC's Trading Nation program on Wednesday. "if we look back at Tesla's trend in January, we can see the extent to which it can rise. Now the trend has changed, falling below the 200-day moving average and below the long-term upward trend. So I think the overreaction will turn downwards now. "
Tesla has fallen 20% this year, the worst-performing stock in the s & p. In addition, TSLA fell below its 50-day and 200-day moving averages.
"now Tesla is trading around $550, which is the level of a brief rebound," he said. But I think its overreaction will cause TSLA to fall to the level of $450, which is the appropriate level for re-entry. "
Falling to $450 means TSLA will fall by another 20 per cent. The last time the stock hit this level was in November last year. TSLA closed above $563 on Wednesday.
Delano Saporu, founder of New Street Advisors, said that the current trend is bad for all growth stocks, and Tesla, one of the best-known stocks, is particularly vulnerable.
Saporu said on the same program: "the current situation is very bad for Tesla, for many growth stocks, so we see sellers emerging one after another." I think there is one thing that will attract buyers, especially myself, and that is to look at the valuation. "
Tesla's dynamic price-to-earnings ratio is 109 times, much higher than the 21 times for the S & P 500.
"Tesla's performance is strong, but it still hasn't pushed up the share price," Saporu said. At present, other situations are also disadvantageous to some of these growth stocks. "
In the quarter to March, Tesla reported record net profit and 74 per cent revenue growth. (Chinese Investment Network)
