Tesla stock's RSI indicator sinks toward a record low, but oversold doesn't necessarily mean the selloff is over.
As Tesla Inc.’s stock keeps sinking toward the longest losing streak in more than four years, it has become the most oversold on a technical basis since going public 12 years ago.
Keep in mind that an oversold reading doesn’t necessarily mean the selloff is over, but it does send a warning to sellers that a snap-back bounce could occur at any time. With all that selling, the stock’s Relative Strength Index has dropped toward a record low of 17.26. As the chart above shows, it has exhibited oversold conditions a number of times over the past few months. Not only did the stock not snap back too sharply even as the RSI bounced, it continued to weaken. Some on Wall Street believe “oversold” is an ability rather than a condition, meaning the ability to become oversold is a sign of a downtrend’s strength.
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