Tesla, Inc. ( TSLA ) may halt a two-session decline on Wednesday, with the electric-vehicle giant’s stock showing higher activity in premarket trading.

The stock experienced an approximately 11% decrease over the past two sessions amid concerns regarding a potential first-quarter deliveries shortfall. The uptick in premarket activity could be attributed to bargain hunters stepping in after recent losses. However, sentiment is likely to remain subdued between now and early April when the company reports its first-quarter delivery numbers.

Detailed China CPCA sales data, Tesla China’s weekly insurance registration data, sell-side commentary, and estimate adjustments are expected to influence the near-term trajectory.

Furthermore, the stock may benefit from an overall improvement in sentiment towards tech stocks and the broader market, as evidenced by positive U.S. stock futures.

Ark Invest, led by Cathie Wood, intervened on Tuesday as Tesla stock continued its decline. The firm, through three of its actively managed ETFs, including its flagship Ark Innovation ETF ( ARKK ), purchased 79,956 Tesla shares valued at $14.45 million.

Immediate downside support could be observed around the $180 area, while upside potential may face resistance around the $202 mark. Despite recent declines, the stock remains firmly in oversold territory.

In premarket trading on Wednesday, the stock rose 0.89% to $182.35, according to Benzinga Pro data.

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