Watch These Tesla Price Levels as Stock Regains Traction After Recent Pullback | Global News Avenue

Tesla (Tesla) surged on Wednesday after spending several weeks in the slow lane following a sharp post-election rally.

Up 8% on Wednesday Inflation data weaker than expected Investors hope the Fed will cut interest rates again, which would help spur demand for electric vehicles through cheaper prices car financing cost.

Tesla shares are 12% off their mid-December highs but have soared 70% since the election in early November, in part on the electric carmaker’s self-driving car market expectations robot taxi That ambition is likely to be fast-tracked under the incoming Trump administration.

Next, let’s take a closer look technical in Tesla Weekly chart and identify important price levels that investors may be concerned about.

Flag pattern indicates bullish continuation

Tesla stock has moved sharply higher since breaking out of the market ascending triangle Early November.

Recently, the stock has been flag patternindicating a continue strong upward trend. also, 50-day Moving Average (MA) Preparing to cross back above the 200-day moving average, forming a bullish signal golden crossindicating a new chart event higher.

However, it is also worth pointing out that trading volume Shares have generally fallen during the stock’s post-election rally, suggesting some larger investors may remain on the sidelines.

Let’s analyze Tesla’s chart to determine where the stock’s upside is next and identify a few key points support level may become the focus during callback.

long term price target

Investors can predict long-term bullishness price target By applying the Bar Pattern tool to plot on Tesla’s chart, the tool can analyze previous trends to predict potential future moves.

To this end, we strongly take the stock trend A previous ascending triangle saw a similar breakout between October 2019 and February 2020, repositioning itself from the November breakout. The target is expected to be around $775, which would represent an upside of around 80% from Wednesday’s closing price.

Key support levels to monitor

period retracementinvestors should first focus on the $300 level. This area may attract strong support nearby mental rounds and several peak Formed on the chart between August 2022 and July 2023.

Finally, a selloff below this level could send Tesla stock down to around $265, a point on the chart that could attract buying interest near the top trendline of the ascending triangle, which could move from the previous Zone flip. resist to future support.

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