'There's absolutely no reason to own' Tesla in the near term, says wealth manager $TSLA (via TradingNation)
As Tesla continues to pour money into research and development, its push for technological progress could be holding the company back, Tepper warned.
"In the past, innovation has been really good for this company, but I think it might actually be hurting them right now, because where is the incentive to buy one of these vehicles today when you're always being promised that they're going to be so much better in six months, in 12 months?" he said. "When that's the case, you wait. So, this is a stock that has more downside in front of it, in my opinion.
"We see a giant top formation formed going back to 2017. The stock struggled at that $380 level, could never really breach above it, but we do note there was some pretty good support at 250," O'Hara said. But since Tesla broke below that support level earlier this year, it's been unable to gather enough momentum to rally back above that key point — and that spells more trouble ahead, the technician said.
"Every time it tries to rally, it's met with additional selling pressure," O'Hara said. "The fact that we can't get back above that $250 level suggests to me that we're going to test those June lows again at 185. So, I think the best play here is just to avoid this technical setup."Tesla did not respond to CNBC's request for comment.
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