Tesla’s stock price remains on the watch of traders as US regulators say they will closely monitor the automotive industry’s rollout of more advanced driver safety systems. The aim is to achieve earlier detection of any defects before they hit the wider market.
An order to this effect has been issued by the National Highway Traffic Safety Administration to Tesla and other vehicle manufacturers, requiring them to file reports of any crashes of models equipped with driver assistance technology within 24 hours of being notified of any incidents.
The order follows a previous report that more than 30 investigations into accidents involving driver-assisted Tesla models were being conducted. GM, Toyota and Volvo models are also being investigated.
Tesla is presently testing resistance around the $693 mark. However, the pattern on the chart could support an advance in prices once this is overcome.
Technical Levels to Watch
The 693.75 resistance needs to be overcome for the bullish pennant on the daily chart to be resolved. This breakout would clear the pathway for a measured move that targets 743.70, with 725.47 standing in the way of completing such a move. If the price advances further and uncaps 779.23 (14 April high), we could see a move towards 820.06.
On the other hand, rejection and pullback from 693.75 allow Tesla share price to target the 654.12 support, which invalidates the pennant. Further downside targets are seen at 600.84, 564,.57 and 541.18.