Watch These Tesla Stock Price Levels After Last Week's Huge Rally

Tesla (TSLA) remains successful nan spotlight aft a 27% surge successful nan EV maker’s stock value past week drove nan banal back into nan greenish for nan year. The rally followed a better-than-expected second-quarter deliveries report connected Tuesday and building anticipation up of nan company's Robotaxi Day next month.

Amid nan beardown caller value momentum, we usage technical analysis to place cardinal areas connected Tesla’s weekly chart to watch retired for.

 Breakout Above Key Chart Indicators

Tesla shares person been search higher since nan completion of a piercing pattern successful precocious April. Typically, method analysts construe this two-bar candlestick statement arsenic signaling a imaginable reversal from a downward inclination to an upward trend.

Last week, nan banal closed supra some nan 50- and 200-week moving averages and a salient 12-month downtrend statement connected nan highest trading volume since mid-February, indicating buying condemnation among marketplace participants. Moreover, nan relative spot scale (RSI) nears overbought territory, confirming nan beardown caller value momentum.

Levels to Watch Amid Further Upside

If nan banal continues to climb higher, investors should attraction connected 3 cardinal floor plan levels.

Firstly, it’s worthy watching really nan value responds to past year’s precocious astatine $299.29, an area that besides sits successful adjacent proximity to 2 anterior value peaks that formed successful August and September 2022.

A adjacent supra this region could spot Tesla shares move up to nan adjacent important resistance level astatine $384.29, wherever they whitethorn brushwood trading unit adjacent nan April 2022 swing high. Interestingly, this area besides astir aligns pinch a bars shape of nan stock’s January to July 2023 uptrend applied to nan April swing low.

Upon a breakout supra this level, nan banal could make an effort astatine mounting a caller all-time precocious (ATH) supra its existent grounds precocious astatine $414.50 minted successful November 2021.

Monitor This Key Area During Retracements

Given nan banal trades adjacent overbought conditions, it’s besides worthy identifying wherever it whitethorn find support during a pullback.

A retracement would apt find buying liking astir $205, an area connected nan floor plan wherever a horizontal statement connects a bid of peaks and troughs making love backmost to February past year. This trendline besides forms nan neckline of an inverse caput and shoulders pattern connected nan regular chart.

The comments, opinions, and analyses expressed connected Investopedia are for informational purposes only. Read our warranty and liability disclaimer for much info.

As of nan day this article was written, nan writer does not ain immoderate of nan supra securities.