Will Tesla Snap 6-Day Losing Streak Today? What's Going On With The Stock

Tesla, Inc. TSLA shares were rallying in premarket trading on Monday, signaling that it might snap a six-session losing streak.

The reversal in fortunes reflects the oversold nature of the stock as it fell to its lowest level since early June amid worries over fresh cuts and their impact on margins.

The relative strength index, a technical indicator that reflects momentum, fell to 32.9, suggesting oversold levels.

On the upside, the stock has resistance levels around $240 and $276. On the downside, support is seen around the $209 and $190 levels.

Chart Courtesy of Benzinga Pro

Some of the increase may also have to do with the broader market recovery from last week’s lackluster phase.

Despite the bounce in Tesla shares suggested by the premarket trend, lingering concerns over demand amid a rising interest rate environment and economic uncertainties will likely keep a lid on gains.

In premarket trading, the stock rose 2.74% to $221.39, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

See Also: Everything You Need To Know About Tesla Stock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EquitiesNewsMoversTrading Ideaselectric vehiclesEVsmobilityWhy i's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!