Tesla's sales of China-made cars surged 29% in May

Tesla (TSLA.US) stock jumped 3% at the beginning of today's session following upbeat sales figures of its vehicles produced in China. According to data from the China Passenger Car Association (CPCA) Tesla sold 33,463 China-made electric cars in May, including exports, a 29% jump compared to previous month. One can see that sales recovered after the April slump which is very important as  China is one of Tesla's largest and most critical markets accounting for nearly a third of its total sales. Therefore many investors perceive the data from China as a kind of indicator of the overall condition of the company.

Tesla (TSLA.US) stock launched today’s session higher and even managed to temporarily break above the downward trendline. However buyers failed to uphold momentum and price pulled back and is currently testing 50 SMA ( green line). Should break  lower occur, then support at $564.48 may be at risk. Aforementioned  downward trendline acts as the nearest resistance. Source: xStation5