Tesla Rally Runs Out of Steam: What’s Happening to the Electric Vehicle Maker’s Stock in Pre-Market Trading – Tesla (NASDAQ:TSLA)
![Tesla Rally Runs Out of Steam: What’s Happening to the Electric Vehicle Maker’s Stock in Pre-Market Trading – Tesla (NASDAQ:TSLA) Tesla Rally Runs Out of Steam: What’s Happening to the Electric Vehicle Maker’s Stock in Pre-Market Trading – Tesla (NASDAQ:TSLA)](https://i1.wp.com/cdn.benzinga.com/files/images/story/2024/07/08/Tesla-Model-3-Performance.jpeg?width=1200&height=800&fit=crop&w=864&resize=864,576&ssl=1)
Tesla, Inc. TSLA The stock fell in premarket trading Monday, signaling the risk of the stock snapping an eight-session winning streak, while index futures traded flat.
After a long period of decline, the electric vehicle maker’s stock began to reverse course on June 25 as market participants began to anticipate better-than-expected second-quarter deliveries. The stock’s rally accelerated after the company reported that it had sold more cars than expected. Over those eight sessions, the stock gained about 38%.
The longest winning streak in Tesla history is a 13-session streak that ended on June 13, 2023.
See also: As Tesla rally hurts shorts, fund manager says ‘the fundamentals of the EV sector are too strong’ and the Elon Musk-led company is ‘too well positioned’
The company is set to report its second-quarter results in just over two weeks, with no major catalysts expected between now and then. Analysts on average expect the company to report earnings of 60 cents per share on revenue of $24.24 billion, according to data from Benzinga Pro. A year ago, Tesla reported EPS of 84 cents per share on revenue of $22.96 billion.
In case the stock suffers losses before the market opens, it will need to hold support around $242 to stop any further decline. The 14-day Relative Strength Index suggests that the stock is in overbought territory and could be a prime candidate for profit-taking.
Price action: At the time of writing, Tesla shares were down 1.10% in pre-market trading at $248.74, according to Benzinga Pro.
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