Lookout below Tesla (TSLA) - Get Report bulls.

Shares of the electric car-maker have plunged nearly 8% over the last five trading sessions. The stock is now approaching the critical 100-day moving average of $332.06.

Tesla shares have been one of the best performers of the year, rising some 58%.

Analysts at Tigress Financial, who have a "neutral" rating on the stock, said that today's weakness can be pegged to normal, for Tesla, volatility which reflects "both positive and negative" continuing trends.

The firm has skepticism that the launch of the electric vehicle maker's Model 3 will be the game-changer that the bulls are expecting it to be. Further, the firm is worried about rising competition from the likes of BMW, Mercedes and others in the electric car field.

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