Tesla Shares Drop As NTSB Faults EV Fire Prevention Guidelines

Tesla shares are down this Wednesday, as the stock takes a breather from recent price surges. 

The National Transportation Safety Board’s recommendations regarding EVs fire protection guidelines are the key points for Tesla stock traders. NTSB has recommended that EV makers enhance their emergency response guidelines to potential fire outbreaks.

Tesla is coming under the spotlight with these recommendations. In 2017, there were four battery fires in Tesla’s electric vehicles. In three instances, the batteries reignited after the original fires had been doused. The NTSB notes that emergency response guides for combating such battery-related fires lacked specific details for each vehicle type. 

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Tesla’s shares have taken a breather on the report, with the stock trading 1.17% lower at 839.54. 

Outlook for Tesla 

The evolution of price action on the daily chart has led to the emergence of a bullish pennant. A break of this pennant to the upside would allow Tesla to target the 912.32 resistance as the measured move takes out the 864.01 resistance. 

On the flip side, rejection at today’s intraday high, located at the 864.01 resistance, could allow Tesla to retest the 784.76 support. Below this level, additional support lies at 693.75.

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Tesla Daily Chart

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