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Sept. 24, 2020, 3:00 p.m. EDT

Tesla's stock bounces sharply after brief early dip below key technical level

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By Tomi Kilgore

Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA +1.05% surging 3.2% in afternoon trading to $392.54, as they bounced sharply following a brief intraday dip below a key technical level. The stock was down as much as 7.6% to its intraday low of $351.30, which was hit soon after the open, before recovering. At the intraday low, the stock traded below the 50-day moving average, which currently extends to $364.18, for the first time since April 13. By 9:47 a.m. Eastern, the stock had climbed back above the 50-day, according to FactSet data, and hasn't been back there since. From the intraday low, the stock has now bounced 12%. The stock had previously come as close as 25 cents to the 50-day moving average without falling below it on Sept. 8, when it hit an intraday low of $329.88 versus a 50-day at the time of $329.63. Many technicians on Wall Street use the 50-day moving average line has a guide to the intermediate-term trend, so they suggest a stock's outlook remains positive as long as it holds above that line. Tesla's stock has now run up 369% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.30% has ticked up 0.6%.

US : U.S.: Nasdaq
$ 424.68
+4.40 +1.05%
Volume: 22.69M
Oct. 27, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$392.35 billion
Rev. per Employee
-10.29 -0.30%
Volume: 2.38B
Oct. 27, 2020 5:20p

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