Tesla is on a six-day losing streak and has triggered a sell signal by falling more than 7% below a buy point of 264.86.
On Monday afternoon, Tesla stock was down 2%, according to IBD MarketSurge. The stock is on track to lose 9% in six days.
Shares are selling off amid news that Tesla rival Byd may regain its title as the top battery electric vehicle seller in the fourth quarter. The last time the EV leader was on such an extended losing streak was in April, when shares fell for seven consecutive days.
Year to date, Tesla stock holds a small loss but is nearing its 2023 year-end closing price of 248.48. The last time Tesla stock suffered a loss for the year was in 2022, when it fell 65%.
Shares are 40% below their all-time high of 414.50 which they reached on Nov. 4, 2021. But they are 15% higher than their Oct. 23 lows of 212.11. The stock gapped up 22% on Oct. 24 after third-quarter results beat views. Much of that gain has now vanished.
Shares are above the 50-day moving average for now. But the stock has struggled to get past 275 all year, which is a level of resistance.
Tesla holds a Composite Rating of 83 and a Relative Strength Rating of 86. The RS Rating has fallen from 91 in just one week.
The EPS Rating falls below the preferred level of 80 by two points. The relative strength line is also sloping downward, showing that the stock is lagging the benchmark S&P 500.
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