Technical Analysis
Tesla’s stock has broken above a long-term downtrend line and the 200-week moving average, indicating a potential trend reversal. Investors should monitor the following key price levels:
$265 : A crucial resistance level, as a breakout above this level could signal further upside momentum.
$300 : A psychological level, as a breach above $300 could attract more buyers and propel the stock higher.
$400 : A significant resistance level, as a breakout above this level could indicate a sustained trend reversal.
Support Levels
On the downside, the key support level to watch is $225, which could act as a floor during periods of weakness. If Tesla’s stock were to breach this level, it could lead to a deeper correction.
Market Events to Watch
October is shaping up to be a pivotal month for Tesla, with several market-moving events on the horizon, including:
Q3 Earnings : Tesla’s quarterly earnings report, expected on October 19, will provide insight into the company’s financial performance and guidance.
Battery Day : Tesla’s highly anticipated Battery Day event, scheduled for October 15, is expected to showcase the company’s battery technology advancements and potential future product plans.
Model Y Production : The start of Model Y production in China, expected in October, could be a significant catalyst for the stock.
Tesla’s 32% gain in the third quarter has set the stage for a potentially exciting October. As the company prepares for several market-moving events, investors should keep a close eye on key price levels, including $265, $300, and $400, as well as the $225 support level. By monitoring these levels and market events, investors can make informed decisions and potentially capitalize on the next leg of Tesla’s growth trajectory.