Shares of Tesla Inc. TSLA fell 1.9% in morning trading Friday, to put it on track to snap a five-week win streak. The electric vehicle giant’s stock was down 0.3% on the week, after soaring 55.1% over the previous five weeks. If the stock can bounce back to close above $260.54, it would market the longest weekly win streak since the six-week stretch through the week ended Feb. 17, 2023. The stock’s selloff comes at a time of a bullish chart development, as the widely followed 50-day moving average (a short-term trend tracker) rose back above the 200-day (a long-term trend tracker) for the first time since May 26, 2022. Meanwhile, some analysts have downgraded Tesla’s stock this week, citing concerns over valuation. Tesla’s stock has still rocketed 110.8% year to date, while the S&P 500 SPX has advanced 13.3%.
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