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Tesla Stock Price Eyes Breakout: Will The Stock See A Surge?

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Aayush Jindal

Key Highlights

  • Tesla’s stock price started a fresh increase from the $182 support.
  • A key bearish trend line is forming with resistance at $216 on the daily chart.
  • A breakout above $216-$220 could send the price toward $235.
  • Gold is consolidating near $2,500 and might aim for more gains.

Tesla Stock Price Analysis

In the past few days, Tesla stock price (NASDAQ: TSLA) saw a decent increase from the $182 support. The price climbed above the $192 and $196 resistance levels.

Looking at the daily chart, the price traded above the $200 barrier. It even tested the 50% Fib retracement level of the downward move from the $270 swing high to the $182 low.

However, the price is now struggling to clear the $215-$220 resistance zone. There is also a key bearish trend line forming with resistance at $216 on the daily chart. The next major resistance is near the $225 level.

A clear move above $225 could open the doors for a move toward the $236 level. In the stated case, the bulls could even attempt a move toward $250.

Conversely, the price could struggle to clear the trend line or $225. Immediate support sits near the $205 level. The first major support sits near the $195 level. The next key support is $186.

A downside break and close below the $186 support level could open the doors for a larger decline. In the stated case, Tesla’s stock price could decline toward the $170 support.

Economic Releases

  • US ISM Manufacturing Index for August 2024 – Forecast 47.5, versus 46.8 previous.
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