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How Tesla’s accident will impact stock price?
Information is not investment advice
What happened?
A Tesla car, that no one was driving, crashed into a tree in Texas. Two passengers died. It raised questions over Tesla’s Autopilot and Full Self-Driving (FSD) features. However, Tesla cautioned drivers before that the current system is not yet fully autonomous, and it still requires “active driver supervision”. Yes, there are some videos on YouTube with a person sleeping in the driver’s seat or driving hands-free. Nonetheless, the responsibility lies on these people.
Elon Musk tweeted that statistics show that Tesla cars with Autopilot have 10 times fewer accidents than the average car.
What’s next?
Such a big case may have a huge impact on the Tesla stock – such negative news may press it down. Tesla stock's 50-day moving average has been declining for over a month and it has crossed upside down the 100-day moving average, creating the Death Cross – the signal to sell. If Tesla breaks through the $708 support, the way down to the low of April 9 at $670.00 will be open.
However, remember that after a drop always goes a rise. Resistance levels are at the recent highs of $750 and $800.
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Kseniya Medik
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