Tesla stock is on one of itsstreaks again. It’s going forseven straightdays of gains Wednesday, but it looks like it may end at six.

Shares of the electric vehicle maker were down 5.8% in morning trading, while S&P 500 and Dow Jones Industrial Average were down 1.6% and 1.4%, respectively.

Coming into Wednesday, Tesla stock rose 28.4% over its six-day winning streak, which began the day before the company reported first-quarter results.

The numbers weren’t great. Tesla reported a first-quarter operating profit of $399 million, down 65% year over year and short of the $900 million Wall Street expected. But investors knew it was going to be a challenging quarter, and CEO Elon Musk’s revelation that he would spend more time at Tesla and less time at the Department of Government Efficiency (DOGE) in Washington helped turn investor sentiment.

Tesla investors are no strangers to streaks. Coming into the earnings report, shares had dropped 11 out of 13 weeks stretching back to President Donald Trump’s inauguration, losing 43% over that span. The pain was significant, but Tesla stock entered the week of the inauguration up about 70% since the Nov. 5 presidential election.

If you cancel out the two moves, Tesla stock entered the week of the election at about $249 per share and entered the week of earnings at about $241 per share.

The difference was about $8. If investors were on an extended vacation, they could be forgiven for thinking that nothing much happened.

“The post-election swoon in Tesla basically marked a roundtrip of the fourth quarter rally,” pointed out Fairlead Strategies founder and market technician Katie Stockton. “So, if you remove the ‘mountain’ on the [stock] chart, you’d have a range-bound setup centered around $250.”

Range-bound on a stock chart means investors are waiting for something. In the case of Tesla, they are waiting for AI business to start producing revenue. That could be close. Tesla plans to launch a robotaxi service in Austin, Texas, in June, with Model Ys picking up paying passengers.

If Tesla hits its timeline, investor sentiment can continue to improve. “The next hurdle on the chart is around $319 to $328,” added Stockton.

That’s a level investors can watch. Stockton isn’t making a fundamental call on shares. She’s looking at stock charts and market history to understand where investors have bought and sold stock in the past and how they react to good and bad news.

With Tesla stock, the reactions can be extreme. Shares have ranged from about $157 to $489 over the past 12 months. The $332 range is more than 110% of Tuesday’s closing level.

Entering Wednesday trading, Tesla stock was down 29% so far this year and up about 13% for the month of April.