Tesla's stock is nearing a key price. Here's what the pros are saying. (TSLA)

The selling has the stock nearing key support in the $250 area.
Two Wall Street pros shared their thoughts on what the chart is saying.
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Tesla shares were nearing a test of key support Thursday after the company's first-quarter deliveries fell short of Wall Street expectations.

Shares were down about 8% to less than $269 a share and at their lowest level in more than a week. More importantly, Thursday's sell-off has Wall Street strategists paying close attention to key support at $250.

"The chart on Tesla (TSLA) tells us the stock is near a very important support level," said Matt Maley, managing director and equity strategist at Miller Tabak. "First of all, the $250 level is the one that it bounced strongly off of twice in 2018.

"Whenever a stock approaches a level that has bounced off of two other times, it becomes quite important...but when those bounces are as strong as they were for TSLA (almost 50% in both cases), it becomes particularly important," he added, noting that the presence of the trendline off the 2013 lows makes the level even more meaningful.

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Katie Stockton, founder and managing partner of Fairlead Strategies, also pointed to the $250 level as being critical for Tesla, adding that she is expecting the level to hold.

"There is strong support on the chart in the $250 area based on previous low, and there is a good chance this levels holds with oversold conditions already in place," she told Markets Insider, adding that a breakout above the 50-day moving average ($292.44) would signal the first step in a bullish reversal.

For their part, Wall Street analysts held a mixed opinion on Tesla shares, with 13 saying "buy," 14 recommending "sell," and two suggesting "hold." Their average price target was at $315.65 a share.

Tesla's stock was down 20% this year, including Thursday's drop.

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