Why Tesla Stock Is Spiking Again Today

Shanthi Rexaline

November 25, 2022

Tesla Inc. (NASDAQ:TSLA) shares were higher in premarket trading on Friday, as the market opens after the Thanksgiving holiday on Thursday.

At last check, the stock was rallying 2.37% to $187.55, according to Benzinga Pro data.

What Happened: The gain has come despite a negative headline regarding the recall of over 80,000 cars by the Tesla China unit.

After bottoming at an intraday low of $166.19 on Tuesday, the stock rebounded to close higher for the session at $169.91. Positive analyst commentaries regarding Tesla’s fundamental strength and the stock’s oversold levels sparked a 7.82% rally on Wednesday. It settled the session at $183.20.

See Also: Best Electric Vehicle Stocks To Buy

On Thursday, Tesla CEO Elon Musk confirmed that the company's full self-driving software suite will be available for everyone in North America, who has paid for the package. Although mired in controversy over the level of autonomy it can offer, analysts see it as an important revenue driver for the company.

With the stock bouncing off near-term support around the $180 level, it could see further strength on follow-through buying. Reversal could drag it toward the next support around the $163 area. The relative strength index, a momentum indicator, though has risen in recent sessions is still at 42 — a reading leaning more toward oversold levels.

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