Tesla's stock rises again, has retraced about 74% of bear-market selloff through late February

Shares of Tesla Inc. climbed 0.8% in morning trading, putting them on track for a third-straight gain to a 2 1/2-month high. The stock is also headed for an 11th gain over the past 12 session, and had soared 44.6% during that time. A close at current prices would mark a 73.9% retracement of the 37.9% bear-market selloff from the Nov. 4 record close of $1,229.91 to the five-month closing low of $764.04 on Feb. 23. Many technicians on Wall Street believe that retracements that surpass 61.8%, which is known as the Fibonacci ratio, suggests that the stock is no longer governed by the previous trend. Some believe a full retracement of the previous trend becomes the next target. The stock closed above the 61.8% retracement threshold on Monday, when it shot up 8.0% after disclosing plans to enable a stock split. Tesla's stock has advanced TK% year to date, while the S&P 500 has lost 3.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.