Al Root

Tesla stock was down to start a shortened week for markets after the Presidents Day holiday -- trading near "support" level.

This means the shares have dropped to a floor that has historically stopped them from falling further and they need to hold that to avoid more declines.

The electric vehicle maker's stock was off 1.3% at $412.21 in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were down 0.3% and 0.1%, respectively.

Shares snapped a losing streak this past week, rising 1.5% after two consecutive weeks with declines of more than 4%. The market, more than Tesla-specific news, has weighed on shares. The Nasdaq Composite was down about 3% so far this year heading into Tuesday trading.

The result of recent trading has left Tesla stock trading near support levels. "The $415 zone has acted as support since last September, with the stock only trading below that level for a few days during that stretch," said CappThesis founder and market technician Frank Cappelleri. "Just beneath that, the uptrend line from last spring would be next [support], currently near [the] $395 area...$382 after that."

Cappelleri isn't making a fundamental call on Tesla stock. He uses stock charts and market history to understand investor sentiment.

Right now, investors aren't sure what to do with Tesla stock. Coming into the week, shares were down about 16% from a record high of almost $500 a share reached in late December.

Investors might be waiting for more AI news. Tesla plans to expand its AI-trained robo-taxi service to nine cities in the first half of 2026. So far, the company is operating in Austin, Texas, and testing in San Francisco, California.

Before expansion or other news that can move Tesla stock, investors should pay attention to the stock charts and the $415 level to detect any change in investors' thinking now or in the future.

Write to Al Root at allen.root@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 17, 2026 07:47 ET (12:47 GMT)

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