Watch These Tesla Price Levels as Stock Accelerates to Fresh Record High | Global News Avenue

Tesla (Tesla) The stock price continues to rise Rally extended after election The stock rose to a record high on Monday after Wedbush raised his price target on the electric car maker.

The investment firm raised its price target to $515 from $400 but noted the stock could trade as high as $650 by the end of next year, citing the incoming Trump administration’s plans to empower the legacy electric car maker with autonomous driving and Artificial Intelligence (AI) The measures have helped.

Tesla shares have soared about 85% since the beginning of the year as of Monday’s close, with much of the gains following the Nov. 5 election as the CEO expressed concern about the Elon Musk’s A close relationship with President-elect Donald Trump will streamline the automaker’s approval process.

The stock rose 6% in regular trading on Monday and rose another 2% in after-hours trading, trading at about $472.

Next, let’s break it down technical On Tesla’s chart, note the key chart levels investors may be watching as the electric car maker’s stock continues to reach new highs.

Bullish trend moves further into overbought territory

since from a ascending triangle Tesla shares surged higher earlier this month, trading volume Support rally.

Although Relative Strength Index (RSI) Confirming the bullish price momentum, the indicator also sends a strong signal overbought That opened the door for short-term profit-taking as some investors profited from the stock’s long-term post-election rally.

let us turn to technical analysis Provides insight into where a stock’s current pulse uptrend may be headed next and identifies key points support level This may come into play during callback.

Chart-based bullish targets to watch

To predict bullish targets for Tesla stock, investors can use histogram pattern analysis, a technique that studies historical trends to predict how future directional moves are likely to play out.

When applying the tool to Tesla’s chart, we extracted the stock’s sharp trend from late June to early July and overlaying the top trendline from the ascending triangle. The plan has a bullish target around $510, where investors may decide to trade Lock in profits Does the current move higher replicate the strong trend from the previous analysis.

Key support levels to monitor

period retracementInvestors should first focus on the $360 level, which is where on the chart the stock may encounter support as it retests the top trendline of the ascending triangle.

A close below this area could cause the stock price to fall to psychology $300 level. Investors may be looking for buying opportunities in the region near key moments in July 2023 high swing and nearby 50-day moving average.

Finally, an important correct Tesla stock could retest lower support near $265. This level may attract buying interest near connecting multiple trend lines peak The chart covers the 12-month period from October 2023 to October this year.

The reviews, opinions and analyzes expressed on Investopedia are for informational purposes only. read our Warranty and Disclaimer Learn more.

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