Courtesy of Benzinga.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Tesla Motors Inc (NASDAQ: TSLA) shares were trading lower by $1.90 at $224.15 in Friday’s session. Thursday’s well-forecasted announcement that the company is moving into deployment and management of energy storage systems in commercial and industrial buildings is not exciting investors.
Keep in mind, the issue did have a nice rally since the day the company announced the event on March 30. At that time, it was hovering just above a pair of lows at the $182.00 level. Tesla closed at $190.57 and then saw a few days of quiet action.
Related Link: Tesla, Elon Musk Introduce The Home Battery
The rally caught momentum on April 6 when the company announced a 55 percent increase in Q1 2015 deliveries. That news boosted the issue from its April 2 close ($191) to $203.10 the following session. From there, the momentum crowd began to pile on and pushed the issue as high as $238.75 in Monday’s session.
Since that time, it has put in place a series of four lower highs, falling from its high close for the move on Wednesday ($232.05) to the lower $220 handle. It is now approaching Monday’s low ($222), reaching $222.33 so far.
Editor’s note: At time of publication, shares were down $2.16 at $223.86.
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