As EV maker Tesla unveils another $5billion share sale, interest in its stock continues to drive prices higher. Tesla’s share price may be down on the day, but this has not stopped interest in its stock cropping up in countries such as India, where Tesla plans an expansion move. The move into India came from Elon Musk himself.
The latest stock sale is the 2nd in three months as the company rides on the positive sentiment generated by the announcement of its inclusion into the S&P 500 index, due to take place on December 21.
Technical Levels to Watch
The technical levels to watch for Tesla stock as far as potential upside targets are concerned are the 697.5 and 784.76 price targets. These are former resistance areas attained in 2020 before the stock split. For the Tesla share price activity to achieve those targets, buyers would have to overcome some of the stock’s selling pressure, typified by the evolving dark cloud cover pattern on the daily chart.
On the flip side, an extension of the decline that breaks down the recent role-reversed high on Tesla at 601.39 opens the door to the low of December 2 at 541.18. This is the initial downside target. 502.28 and 457.12 are additional support targets for Tesla’s share price.
Don’t miss a beat! Follow us on Telegram and Twitter.
Tesla Daily Chart
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Eno on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.