While the electric vehicles under the Tesla Inc (NASDAQ:TSLA) brand are known for their blistering pace, the same cannot be said for its equity shares at the moment. As with other innovators, TSLA stock has been caught in the broader tech selloff that began on Tuesday. Further, mixed signals from the consumer retail market have weighed on sentiment. Still, the technical and especially statistical backdrop suggests that the EV maker is worth a closer look.
On Wednesday afternoon, TSLA stock dropped around 2.5%, with the security caught in the wake of major tech giants suffering significant volatility. Perhaps the most conspicuous example is big data analytics specialist Palantir Technologies Inc (NASDAQ:PLTR). In the trailing five sessions, PLTR stock gave up around 15.5%, likely a victim of profit-securing motivations following a remarkable rally.
