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Tesla’s stock price is outperforming its peers on Tuesday, showing resilience despite the recent volatility following the company’s Q3 earnings report, which disappointed investors and triggered a significant sell-off in the EV sector.
As of Tuesday, Tesla shares are up 1.91%, even as the broader market indices reflect a bearish sentiment. Many tech stocks are experiencing a pullback as investors await the release of the FOMC minutes.
Recent reports indicate that Tesla is planning to build a $2 billion factory in India, with CEO Elon Musk expected to visit the country soon to advance these plans.
While Tesla’s stock has rebounded notably in November, bearish pressures remain. The current recovery is being driven by increased risk appetite, largely due to weakness in the DXY index. However, this could quickly reverse with just a few hawkish comments from Federal Reserve Chairman Jerome Powell.
From a technical perspective, Tesla’s stock is regaining strength above the $240 level. As long as it stays above $218, the bulls have little to worry about.