Hyperdrive
Tesla’s $240 Billion Rally Set to Collide With a Bearish Signal
- Shares closed down Wednesday after rising for 13 sessions
- Stock is deepest into overbought territory since late 2021
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Tesla Inc. shares snapped their record-setting 13-day winning streak Wednesday, as a hawkish stance from the Federal Reserve and market technicals took some steam off the rally.
The lightning-quick run through Tuesday had added more than $240 billion to the electric-vehicle maker’s valuation since late May, pushing the stock deep into the so-called overbought territory — a technical signal that typically suggests a reversion is close.