Shares of electric vehicle giant Tesla, Inc. (NASDAQ:TSLA) could rise yet again on Tuesday, as the upward momentum accelerates.
The stock ended Monday’s session up 7.33% at $231.28, according to Benzinga Pro data. In pre-market, it has tacked on 3.42% to $239.18.
The new-found optimism toward Tesla stock follows protracted weakness, as investors sold off on fears that the company’s sales could be hit by waning demand and that the price cuts will erode auto gross margins further. Ahead of Monday’s rebound, the stock was down for six straight sessions.
Sentiment toward the broader tech space also dampened amid the release of strong economic data that stoked fears of higher interest rates, which in turn would hurt the business prospects of these companies.
With investors now beginning to hope for a pivot or at least a pause amid views that the Fed’s inflation target should be reset at 3%, risk-on sentiment has returned to the market.
On the upside, watch out for resistance around $241 and the 50-day simple moving average of $259.
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See Also: Everything You Need To Know About Tesla Stock
