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Troubled automaker Tesla, Inc. (TSLA) may have failed the second attempt in two months to mount tough resistance above $250 and could now lose ground at a rapid pace, entering a critical test at June’s three-year low in the $170s. A breakdown through that level could trigger the second major selling event this year because it would confirm a major downtrend after the April 2019 decline through two-year support.
It’s been a terrible 2019 so far for CEO Elon Musk and his controversial start-up, with a 30% decline that has broken the back of a broad trading range between $250 and $390. Trade tensions with China, a weak balance sheet, and heavy competition due to endless production days have all taken their toll, shrinking a once thriving population of cult-like supporters that kept a bid under the stock for years.
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