Tesla Share Price Outlook: Stock Remains Under Pressure From Several Fronts

Tesla stock price looks set for slightly higher open as the company says it will look to expand its revenue base by opening new charging stations for electric vehicles of other companies. 

Tesla stock price is currently up by 0.04% in premarket trading, after losing 1.95% on Tuesday. Tesla’s stellar earnings report for the second quarter of 2021 was blighted by concerns about the impact of the global shortage of semiconductors on the company’s ability to meet its future vehicle delivery targets.

Tesla is also facing pressure on other fronts. Its troubled Berlin gigafactory project continues to face opposition from environmental groups. Business Insider reports that Brandenburg Nature and Biodiversity Union (NABU) and the Green League have filed lawsuits seeking to block preliminary permits issued for the factory. Two previous attempts by the NGOs at getting the courts to block the permits had failed.

Tesla Share Price Outlook

Tuesday’s slump violated the ascending support trendline but failed to achieve the required penetration for a breakdown as bulls re-entered the market at the 628.76 support and sent the closing price above the trendline. A renewed assault on this trendline by bears which succeeds, opens the door for a retest of this support. Below this level, 600.84 and 564.47 serve as additional targets to the south.

On the flip side, if bulls initiate a bounce on the trendline that takes out 654.12, the pathway towards 693.75 is opened. A further advance brings 725.47 into the picture, with 743.70 also serving as an additional barrier to the north.

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Tesla: Daily Chart

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