Why Tesla Stock Is On Reverse Gear? Key Levels Investors Should Watch

Tesla Inc. (NASDAQ: TSLA) shares were moving sharply lower in premarket trading on Thursday.

What Happened: The steep pullback was in reaction to the electric vehicle maker’s first-ever Investor Day held on Wednesday after the close. Investors came away disappointed as the company did not announce the sub-$30,000 car many had hoped to see.

See Also: Everything You Need To Know About Tesla Stock

Tesla investor and fund manager Gary Black described his reaction to the event with the phrase “long on aspiration, short on detail.” He was disappointed that the company did not clarify the demand side of the equation and how the company will get from an estimated volume of 1.8 million units in 2023 to 20 million units by 2030.

Deepwater Asset Management’s Gene Munster said the event ended up being mostly about illuminating the wide lead Tesla has over other automakers. “The much-awaited topic of a Master Plan 3 left me with more questions than answers,” he said.

If the premarket weakness carries over into the regular session, the $190-$192 could be key for the stock to resist a big sell-off. If this support area is violated, the next support levels are around $180, the upper bound of a consolidation area from late January, and the 50-day simple moving average of $160.

Price Action: In premarket trading on Thursday, Tesla stock was sliding 6.15%, to $190.30, according to Benzinga Pro data.