We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Tesla Stock Set for Lower Open As New Info Puts Driverless Models Into Spotlight

Tesla’s stock price looks set to open the week lower, as new details of the Tesla car crash of 5 May that killed two men in Los Angeles emerge. Police are now actively looking into whether the car’s autopilot facility contributed to the crash.

Steven Hendrickson, one of the two men killed in the crash, had shown an Instagram video of himself sitting in his Tesla Model 3 car without his hands on the wheel as it sped on a freeway. Several TikTok videos also show Hendrickson lauding the car’s “full self-driving” feature. In a statement released after the crash, Tesla CEO Elon Musk had denied that the car in question had fully driverless capacity.

The new information may compound woes for the Tesla CEO, who was engaged in a social media war this weekend with several Bitcoin HODLers about the decision of the company to walk away from Bitcoin payment acceptance. Tesla is currently down in premarket trading by 1.99%.

Technical Levels to Watch

The slump to premarket price sets up the chance to make a run towards the support at 564.57. Below this level, the 2 December 2020 low at 541.18 forms an additional pivot, with 502.28 lining up as additional downside target. 

On the other hand, a clearance of the 601.39 resistance allows Tesla stocks an opportunity to make a run towards the 640.00 psychological resistance, with 654.12 and 693.75 forming additional targets to the north. 

Tesla; Daily Chart

Follow Eno on Twitter.