- Summary:
- As long as Tesla stock price remains above $218, bulls have nothing to worry about as the outlook remains bullish
Tesla stock price is outperforming its peers on Tuesday. The stock of the EV giant has been experiencing a huge volatility since the release of the firm’s Q3 earnings which disappointed the investors and led to a massive sell-off in the EV sector.
On Tuesday, Tesla shares were up 1.91% at press time as the benchmark indices showed a bearish sentiment in the market. Most of the tech stocks were having a pullback as the markets awaited the release of the FOMC minutes.
As per the latest reports, Tesla Inc. is set to build a $2 billion factory in India. For this purpose, Tesla boss Elon Musk is expected to visit India very soon.
While Tesla stock price has shown a remarkable rebound in November, the bears are still very much in the game. The ongoing recovery is fueled by the increased risk appetite due to the weakness in the DXY index. However, this may change just by a few hawkish remarks by Jerome Powell.
Technical analysis shows that Tesla stock price is once again gaining strength above $240. As long as it remains above $218, bulls have nothing to worry about.
