Tesla Stock Price Levels to Watch After Post-Election Surge, Musk’s DOGE Appointment | Global News Avenue

Tesla (TeslaThe company’s shares have soared since Donald Trump was elected last week, with investors hoping that CEO Elon Musk’s close relationship with the president-elect will benefit the company.

Trump on Tuesday tapped Musk to co-lead the newly created Department of Government Effectiveness (DOGE), which will be tasked with reducing government spending and cutting regulations, two areas that could have a direct impact on electric vehicle manufacturers.

Tesla shares, which have risen more than 30% since they began trading on Election Day, were down 1% in afternoon trading Wednesday to around $325, after briefly rising to $344 earlier in the day.

Next, let’s break it down technical in Tesla Weekly chart and pinpoints key price levels to watch in near-term election-driven stocks volatility.

cup and handle breakout

Tesla shares break above top trendline cup and handle pattern Highest last week trading volume Since early July, indicating the potential for follow-on buying.

Really bullish momentum That continued into Monday before sellers profited from some of the stock’s recent post-election gains during Tuesday’s trading session.

There is further possibility informationTo drive action, let’s identify a few keys support level Watch during retracement And points to a key management area to monitor whether the stock continues to move higher.

Key support levels worth paying attention to

During the decline, investors should first focus on the $300 level. Bulls can look for buying opportunities near this area mental rounds and connect a series of trend lines peak The chart was formed between January 2021 and July last year.

one break down Below this key technical level, shares could revisit the $265 level. At this point on the chart, price could find support near the top trendline of the cup and handle pattern, which could move from resist Become supportive.

Key areas of overhead to monitor

If Tesla shares continue to accelerate higher, investors should watch for price reaction near the $400 level. This area on the chart could attract significant selling pressure around a range of prices just below the stock’s November 2021 price All Time High (ATH).

Interestingly, this level is also very close to the measured movement level price target It calculates the depth of the “cup” of the cup and handle pattern and adds that depth to the initial breakout point. For example, increasing $130 to $265 would give an expected upside target of $395, just below the $400 level mentioned above.

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As of the date of this writing, the author did not own any of the securities mentioned.