TSLA Stock Price and Forecast: Is Tesla going to fall to $910?

Tesla stock is steady on Thursday as recovery slows.
TSLA shares rangebound between $1,120 and $1,000.
Tesla has stabilized after Elon Musk sold shares.

Ivan Brian FXStreet

Tesla (TSLA) stock remained pretty steady on Thursday with the stock just about closing in the green. Tesla shares closed at $1,096.38 for a small gain of 0.7%. The shares have held up reasonably well following CEO Elon Musk selling large chunks of shares. Not just Elon but another Musk, Elon's brother Kimble, has also sold some stock in the electric vehicle titan as all-time high stock prices seem to be just too tempting. For now, the share price is stabilizing, but it has retraced from record highs above $1,243.

Tesla graph 15 minutes

Tesla (TSLA) stock news

There has been a lot to get through of late. Elon Musk has sold a nice chunk of Tesla, but if he sticks to his Twitter promise then we estimate he is only halfway through his selling. Other sellers include noted Tesla bull Cathie Wood of Ark Invest. Her funds sold $39 million worth of Tesla on Thursday. Ark Invest has sold nearly $2 billion worth of stock over the last few months.

The latest reliability reports from Consumer Reports were not good reading for Tesla with the electric vehicle maker coming second to last out of 28 brands for reliability (see chart below). From the report itself, Consumerreports.org states: "Tesla’s Model 3 has average reliability. The Model Y still has body hardware issues with the tailgate and door alignment, paint defects, and multiple other problems. The Model X and Model S have body hardware, climate system, and in-car electronics problems. All three models are well below average."

Source: consumerreports.org

It should be noted that Tesla has one of the highest consumer satisfaction scores despite the above reliability score. The report was published on Thursday.

Tesla (TSLA) stock forecast

The stock still remains rangebound between two key pivot levels at $1,120 and $1,000, which both have been working well as can be seen in the chart below. While our fundamental bias is to the downside if Tesla breaks above $1,120, then more all-time highs are back on. Breaking the downside pivot of $1,000 should see a quick move to $910, and so filling the gap created by the first price explosion back when the Hertz deal was announced. When or if Tesla got back there, it would be time to rethink the strategy and reassess the chart levels.

TSLA 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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