Tesla shares surged to a new all-time high on Wednesday, marking the sixth consecutive day of gains and extending the massive post-election rally. The stock has gained about 70% since election day last month, driven by optimism over Elon Musk’s association with President-elect Donald Trump.
Analysts have been bullish on Tesla, with Goldman Sachs citing potential benefits from the company’s push into self-driving cars and robotics, which could ride the AI boom. Morgan Stanley analyst Adam Jonas named Tesla as his “Top Pick.”
The stock rose 5.9% to $424.77, a record high since November 2021. Investors should monitor key support levels at $380 and $300.
A technical analysis model, known as the measuring principle or measured move technique, forecasts a bullish price target of $585.65. This is calculated by adding a percentage increase between Tesla’s ascending triangle lower and upper trendlines to its top trendline value.
Investors should watch for potential pullbacks at these levels, particularly the $380 level, which could attract support from peaks on the chart formed between November 2021 and April 2022. A failure to defend this level could push the stock down to around $300.
The Relative Strength Index (RSI) confirms bullish price momentum but also warns of overbought conditions, increasing the chances for near-term profit taking.
Source: https://www.investopedia.com/watch-these-tesla-stock-price-levels-after-first-record-high-in-three-years-8760225