After today’s trading session, Tesla stock price will come into focus when it reports its earnings for the second quarter of 2021. Analysts are looking for recovery after two disappointing quarters. Of particular interest to investors are the state of its sales in Shanghai following safety issues and a well-publicized protest at an auto show. With 40% of sales projected to come from China, a boost or slump in sales could drag the Tesla stock price in the same direction.
EV magazine Electrek also reports that Tesla Model S deliveries have been restarted after an unexplained week-long hold.
Tesla share price is up 3.07% as of writing.
Technical Levels to Watch
Monday’s upside move preserves the ascending trendline’s integrity and helps prop up the price above 654.12. A further ascent challenges the 693.75 resistance. If this resistance gives way, then 725.47 and 743.70 become new targets to the upside.
On the flip side, a breakdown of the trendline and the 654.12 support allows the bears to aim for 600.84. Further descent brings in 564.57, along with 541.18 and 502.28.