Tesla, Inc (NASDAQ:TSLA) opened slightly higher on Monday before running into a group of sellers who knocked the stock down near to flat. The move came in tandem with the S&P 500, which declined about 0.9% at one point to test a support zone at 4,100.

Just before 11 a.m., the S&P 500 and Tesla both started to bounce up from the low-of-day on lower-than-average volume, which suggests the EV giant and the general market are in a period of consolidation.

On Friday, a U.S. jury ruled Tesla CEO Elon Musk is not liable for a 2018 tweet in which he wrote “funding secured.” The plaintiffs (several Tesla shareholders) were seeking billions in damages from Musk and Tesla’s directors, alleging the tweet caused Tesla’s value to decline.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

Wedbush analyst Dan Ives believes Tesla will see a reacceleration in China during the first quarter. Ives maintained an Outperform rating on the stock and raised the price target from $200 to $225.

The Tesla Chart: Tesla is trading in a strong uptrend, making a consistent series of higher highs and higher lows. The most recent higher high was formed on Friday at $199 and the most recent confirmed higher low was printed at the $162.78 level on Jan. 31. On Friday and Monday, Tesla was trading mostly sideways.

Photo via Shutterstock.