Tesla's 6-Week Winning Run At Risk As Stock Appears To Pause Ahead Of Key Catalyst

Early indications suggest Tesla, Inc. TSLA shares could open Tuesday’s session on a lower note following a stellar run this year.

On Dream Run: After a sharp retreat to a low of $104.64 at the start of the year amid the company’s fourth-quarter deliveries miss, the shares of the Elon Musk-led company have turned the corner.

Tesla is coming into the week with straight weeks of gains, as price cuts announced by the company and the strong quarterly results released by the company along with the positive management commentary kickstarted a strong rally.

Stock At Crossroads: Stripping off the macroeconomic influence on its trajectory, odds favor the continuation of the rally this week. Many expectations have been built around the company’s first-ever Investor Day, scheduled for March 1.

See also: Everything You Need To Know About Tesla Stock

Giving his wish list for the event, Gary Black of Future Funds said, he would want the company to make an announcement regarding the third-generation platform and a 50% cost reduction due to vertical integration.

Among the other items, he would like to hear about are:

  • Scaling up of energy/megapacks
  • FSD, Hardware 4 and Robotaxi
  • Cybertruck update and EV product roadmap
  • EV pricing
  • Supercharger network
  • Tesla brand equity
  • Gigafactory expansion
  • Capital Strategy
  • AI/Optimus/robots

In Tuesday’s session, Tesla could also react to reports of the company’s interest in Sigma Lithium Corp. SGML and a confirmed uptake agreement with Australia’s Magnis Energy for procuring 17,500 tons per annum of active anode battery material. There was also a negative headline regarding a fatal crash involving a Tesla vehicle early Saturday on an interstate highway in California.

Even in the eventuality of a retreat, if the stock can hold support around the $190 level, a steep pullback could be averted.

Price Action: In premarket trading on Tuesday, Tesla shares were slipping 0.83% to $206.58, according to Benzinga Pro data.

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