Tesla shares fell more than 15% on Monday to lead S&P 500 decliners, closing below their Election Day level for the first time.
The stock soared in the wake of Donald Trump’s election amid expectations that CEO Elon Musk’s close relationship with the president would benefit the EV maker.
Since hitting a record high in mid-December, however, Tesla shares have fallen 55% amid investor concerns about potential fallout from Musk’s extensive involvement in the Trump administration and weak sales figures.
Tesla shares fell below the closely watched 200-week moving average in Monday’s trading session.
Investors should monitor key support levels on Tesla’s chart around $215 and $165, while also watching major resistance levels near…
