As the stock fell by as much as 4% — to a six-month low — in the wake of, shares sliced below the $250 level, widely seen among technical analysts as a significant area of support over the last two years. By early Thursday afternoon, the stock had traded in a range between $248.41 and $258.47 a share.
He said the stock would have to close below $250 a share, something it hasn't done since December 2016, in order to signal that shares could fall significantly further from here. The stock has bounced several times off of that level, and short-sellers"have gotten burned many times in this stock," but a close below may signal further downside.
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