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- Tesla has lost 10% in the past week due to a number of events, but one strategist is predicting further pain for the stock.
- Ticker Tucker’s Steve Collegian told Business Insider: “There’s no worse news on Tesla and there will be a mob mentality. [towards] Heavy sales. “
- But he says it will “fall” if it falls below 200 dollars in Tesla stocks.
- Visit Business Insider’s homepage for more stories.
The Tesla market has been volatile for weeks, with sell-offs and surprise exclusions from the S&P 500, causing the stock to fall 10% in just one week, but the electric vehicle maker’s shares could catch fire again.
Trading The world’s most expensive carmaker could face another 5-10% improvement, according to Steve Collegian, chief market strategist at online trading platform Ticker Tucker.
“I think there will be some underlying support on Tesla, probably around the 255-285 level,” Claudia told Business Insider. “There’s no worse news on Tesla and there will be a bunch mentality [towards] Heavy sales. “
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Tesla was excluded from the S&P 500 index last week, although AutoTometer met many eligibility requirements and was widely expected to make cuts.
Shares in the company, which has risen nearly 350%, fell a record 21% in a single day on Tuesday after failing to qualify for admission.
Collegian said Tesla would be included in the S&P 500 by next year.
“I don’t think they’ll replace Exxon. But if anything is involved, it will be 2021, or at least talk about doing so,” he added. Oil and gas maker ExxonMobil was downgraded from the Dow Jones Industrial Average last month after nearly a century of membership, and was replaced by cloud-software company Salesforce.
Tesla’s share price rose 1% in the next two trading days to close at 1,371.34 on Thursday, following reports that the company was making progress at its gigafactory locations in Texas and Germany.
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Tesla also created a 5-for-1 stock split scheduled for Aug. 31.
“I’ll consider making a profit here,” Klaje said. “Especially after the stock erupted.”
He said that even on the day of the split, there was irrationality behind buying in the stock as the stock had risen.
Tesla could come in as low as 200 200-250, while then it will see “gubble up shares” in the price range, Klajian said.
Even if his most pessimistic predictions were true and the stock has reached those levels, it will only take back the stock where it was in early July.
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