Watch These Tesla Price Levels as Stock Hits Brakes Ahead of Q4 Deliveries Report | Global News Avenue

Tesla (Tesla)’s stock will be in focus at the start of the week after two straight days of losses as investors reassess the stock’s long-term post-election rally and look ahead to the electric car maker’s fourth-quarter delivery report.

Wall Street forecasts delivery numbers of expected to be released On Thursday, sales were about 510,000 vehicles, up 10% from the previous quarter and 5% from the same period last year.

Since the November 5 presidential election, Tesla shares have soared more than 70% in anticipation of the CEO taking office Elon Musk’s The automaker’s self-driving ambitions will benefit from its relationship with President-elect Donald Trump and its growing influence in Washington.

Tesla shares have fallen nearly 7% over the past two trading days, closing at $431.66 on Friday. The stock is down from an all-time high of $488.54 set on Dec. 18, the same day the Fed said it may Slow down the pace of interest rate cuts 2025. high interest rates Since most buyers are financing their purchases, that could put pressure on car sales.

Next, let’s take a closer look technical on Tesla’s chart and indicates important price levels to watch.

Pennant pattern begins to take shape

Tesla stock surges higher for weeks after breaking out of broader market ascending triangle in early December, but has since pennanta chart pattern that shows continue An upward trend in stocks.

Although Relative Strength Index (RSI) Share price continues to decline since peaking All Time High (ATH) In mid-December, the value remained above 50, indicating good price momentum.

Let’s apply technical analysis Predict a price target Within Tesla stock, several major ones have also been identified support level This may come into play during callback.

Measured moving price target

In order to predict potential upside price targets should a sustained move occur, investors can use the measure-the-move technique, also known as Measurement principle.

When applying this tool to Tesla’s chart, we calculate the distance point The pennant preceded the impulsive move higher and added that amount to the top trendline of the pattern. In this case, we increase $150 to $465 with a projected target of $615, an area where investors may decide Lock in profits.

Major support levels to watch

one break down If it breaks below the pennant’s lower trendline, Tesla stock could initially revisit the $360 level, which is currently just above the uptrend line 50-day moving average They may find support near the top trendline of the ascending triangle.

A close below this area would open the door to a retest of the $300 level. Investors may be looking for buying opportunities around the area mental rounds The stock outperformed in July 2023 high swing.

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