Tesla Stock News and Forecast: TSLA set for more losses as Woz chooses Lucid

Tesla stock closes below $800 on Monday for the second day in a row.
TSLA coming under increasing pressure from the macroeconomic picture.
Lockdowns in China are also not helping sentiment as China is the world's biggest EV market.

Ivan Brian FXStreet

Tesla (TSLA) gave up yet more ground on Monday in a continuation of the recent move below $800. Tesla closed down 3.6% at $766.37 and looks set for more losses. The EV stock is coming under increasing pressure due to its high valuation and is an easy target for investors looking to offload growth names.

Tesla Stock News

The EV sector is under huge pressure this year. The recent super spike in commodity prices has also not helped with the price of nickel a concern due to its use in EV batteries. Morgan Stanley recently estimated the latest spike in nickel prices could add $2,000 to the price of an electric vehicle. We note a few price rises from Tesla already in response.

Electrek reported on Monday that Tesla was raising prices for its solar division. Tuesday brings news of another price hike for Tesla cars in both the US and China. This is the second price hike in a week and a worrying trend. The Tesla Model X has seen price increases of between $10,000 and $12,000. Last week Tesla also hiked prices, but this latest increase appears to be larger. Tesla is not wasting time in reacting to soaring nickel prices, but there is likely more to come from this space. Basic economics 101 will tell you that rising prices mean less demand.

In some lighter news Apple (AAPL) co-founder Steve Wozniak said his latest car is from Tesla rival Lucid.

Tesla Stock Forecast

The downtrend is very much in place now with the top trendline working well on numerous occasions. The monthly target is at $620, which is the lower end of a strong volume profile that may slow the fall. Longer-term the stock is still likely to struggle. Breaking $886 would be needed to halt the current bearish scenario with a break of $945 turning Tesla stock bullish. Otherwise, the short-term target is $620, and long term Tesla will then target $420, a memorable price that once cost Elon Musk a run-in with the Securities & Exchange Commission (SEC). Tesla is now well-established below its 200-day moving average and may get a death cross shortly (50-day moving average crossing below 200-day moving average).

Tesla 1-day chart

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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