Mystery traders target 50% drop in Tesla shares within a month $TSLA (via TradingNation)
Those open contracts at the $100 strike price indicate a large number of options investors are protecting against further downside for the stock before the June expiration. A move down to that level implied 49% downside from Thursday's close of $196.
"I don't know if Tesla is going to break down $95 from here in the next 29 days, just something to keep an eye on here," he said. "In terms of other technical levels, option market levels aside, you have a significant low here right around the $142. That I think is reasonable if this downside momentum continues."
That downside could accelerate if Tesla breaks through $180, the old lows Gordon identifies from 2016 and 2017. It needs to fall another 8% before reaching $180, and another 21% to take it to $142. It would mark a $247 per-share loss from its record set back in September 2017. "Now keep in mind, we have a stock market that is also entangled in tariff wars. The S&P is under pressure so you're getting selling pressure from that side as well," said Gordon.
Tesla is the worst performer on the Nasdaq 100 this year, with a 41% loss. It has shed $23 billion in market cap.
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