Tesla stocks are trading lower after a report by EV Magazine Electrek says the company has put new deliveries of the Model S on hold.
Initially scheduled for a Q1 2021 rollout, global shortages of chips and various supply chain challenges have created delays. Comments from several online forums confirm the report, as frustrated reservation holders speak of having their Tesla Model S (Plaid and LR brands) sitting at delivery centres for as many as two weeks.
No statement has yet been made by the company as to the reasons for the delivery hold.
Tesla stock price is trading 0.83% lower as of writing.
Technical Outlook for Tesla Stock Price
Following Thursday’s downside violation of the ascending trendline support and the 654.12 horizontal price support, Friday’s daily candle could confirm the breakdown with a lower close. If this happens, then the pathway for a retest of the neckline at 626.78 is clear. A breakdown of this level opens the door towards 600.84, with 564.57 also serving as potential support for the future.
On the flip side, bulls need the price to clear the 693.75 resistance to restore the path towards price recovery. This would leave 725.47 and 743.70 as the future upside targets.