- Tesla issues a new software recall for a faulty taillight.
- The software update affects 321,628 vehicles.
- TSLA shares have fallen below their March 2021 low of $179.83.
Tesla (TSLA) Shares fell 2.2% in Monday’s premarket after announcing another recall. This affects his 321,628 Model Y and Model 3 vehicles from model year 2020 to 2023, with taillights not turning on. The issue has more to do with a software-based update rather than a physical recall where the Tesla is returned to mechanics for a fix.
Tesla stock news
This is the 19th time Tesla has recalled in 2022, the majority of which were simple “over-the-air” software updates. The recall that took place on November 19th is also the 4th day of this month.Still, it’s not a good headline tesla stock It’s down 55% year-to-date and down nearly 19% last month.
Many of the recent hangings by Tesla investors have been the result of CEO Elon Musk openly taking over Twitter’s day-to-day leadership. Social Media Most of Musk’s tweets and many of his photos on his platform are updates on Twitter’s new corporate strategy. This made the market feel as if Tesla was on autopilot, shortly after EV makers missed delivery forecasts after seeing a drop in demand in China.
About 23 million vehicles have been recalled in the United States so far in 2022, according to National Highway Traffic Safety Administration data. Nearly 4 million of those are Tesla vehicles.
Tesla stock forecast
stock price decline sent tesla stock It is below the March 2021 low of $179.83. This $180 support level is significant and has held several times in 2020.
A break below $180 at the moment is a bad sign for the Tesla bulls as it means the next support area will drop to $167.50. That price level acted as both support and resistance in November 2020 and tight resistance in August 2020. Below that is the $154 resistance level from fall 2020.
The weekly moving average convergence divergence (MACD) indicator also appears to be in free fall and does not appear anywhere near a bullish crossover. Unless a bullish catalyst appears in this week’s headlines, Tesla’s stock is expected to fall to one of the mentioned support levels. Both are better entry points than the current price of nearly $175.
TSLA 1-day chart