Tesla shares trade at $906 during Wednesday’s crash

Tesla stocks trade at $906, down by 1.4% at the time of writing. Tesla encounters a kind of selling pressure on Wednesday’s US session. Shares, earlier on the day, were trading down 1.7% at $903.84 about 55 minutes into the session, having opened at $910.19, traded as high as $917.34 and as low as $902.11 in the first hour.

Tesla failed to break the key resistance at $945 on Tuesday despite a huge rally in some meme stocks. While Tesla is not a meme stock per se, it does always make it into retail’s most favorite lists and has a hugely loyal fan base among retail traders.

Elon Musk’s tweets about buying Manchester United sent the stock higher in afterhours trading. Tesla, meanwhile, was lower following a strong move this past month. Tesla’s stock rallied over 50% from the June lows, so really it is no surprise that it is now struggling for further momentum.