Keep an Eye on Tesla Stock Price After Recent Surge: Key Levels to Watch

Money | July 7, 2024, 11:23 p.m.

Tesla's shares saw a significant 27% increase last week, pushing the stock into positive territory for the year. This surge was fueled by impressive second-quarter deliveries and anticipation for the upcoming Robotaxi Day event. Technical analysis reveals that Tesla closed above key moving averages and trend lines, with strong buying momentum indicated by high trading volume. Potential resistance levels are set at $299.29, $384.29, and $414.50, while support may be found around $205. Investors should monitor these levels closely as the stock continues its upward trend. A breakout above key resistance levels could potentially lead to setting a new all-time high. However, with the stock nearing overbought territory, it's important to keep an eye on potential retracement levels, with $205 identified as a key area for support.