Tesla’s stock gained slightly ahead of the unveiling of a $174 billion electric vehicle plan by US President Joe Biden. The plan calls for grants for new battery production plants and the rejigging of aging or closed auto factories to boost the US EV industry.
Biden is also seeking to strike a chord with auto workers growing increasingly concerned about job losses in an expanding EV landscape. The plan is designed to incentivize American car companies to produce in the US rather than outsource to Mexico, where production costs are cheaper.
Tesla’s stock is seeing some demand ahead of this event and is currently up 1.76%.
Technical Levels to Watch
Tesla’s stock found support at 564.57 and bounced on the day. This sets it on the path towards the 600.84 resistance level, with 654.12 and 693.75 serving as additional upside targets.
On the other hand, a decline below 564.57 opens the door towards the 541.18 support, with 502.28 (23 November 2020 low) and 489.55 (20 November 2020 low).