Shares of Tesla raced out of the gate Wednesday morning, climbing 2.3% in the first minutes of trading before falling back to the $300 level.
The stock has been the subject of more than its fair share of volatility this year, with a few serious price swings in both directions, and a drop from $370 to $195 earlier this month.
Wednesday’s rebound followed a strong earnings report on Tuesday, with a surprisingly strong gross profit margin and higher-than-expected orders.
But the stock had a rough night after that, falling more than 4% to $301.50 before the open.
The stock has been in a clear uptrend for the past two months, but that trend has been interrupted by a series of oversold readings, the most recent of which was a reading below the 200-day moving average.
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