Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Tesla Motors Inc TSLA shares were trading lower by $1.84 (1 percent) at $205.50 in Tuesday's session. The weakness from Monday's session carried over and sent the issue near the $200.00 before rebounding.
After being unable to sustain Monday's close ($207.34), only reaching $207.29, the selling pace accelerated until it found support at $201.70. That low coincides with its February 17 low ($201.50).
The issue did get a boost around 12:45 p.m. ET when it was announced the Tesla Model S was named best overall car for 2015, according to Consumer Reports. The ensuing rally has taken the issue back to the $206.00, where it is finding intraday resistance.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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