Tesla’s shares are extending the substantial gains of yesterday with another solid upside push this Thursday. This surge comes as Tesla’s CEO Elon Musk says he would list the internet venture of SpaceX when the cash flow of that business assumes predictable proportions.
Starlink is SpaceX’s venture into the internet space, developed to provide low latency broadband internet for global coverage. Starlink is expected to hit the global coverage milestone in September, and Musk says that Tesla’s shareholders will get preferential access when the company is up for investing.
Tesla shares surged on the news, rising 5.09% as of writing.
Technical Outlook: Tesla
Tesla’s share price is now challenging the 693.75 resistance. If this resistance is overcome, then the 725.47 price mark (27 April high) comes into view. Additional upside targets are found at 743.70 and 779.23 (29 January low, 14 April high).
On the other hand, rejection and pullback from 693.75 allow the price to retest the 654.12 support. Below this area, 625.00 and 600.84 become new downside targets. This move would also signal an end to the breakout move from the triangle after achieving the price objective at 693.75.
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Tesla: Daily Chart
