Tesla Stock Price Levels to Watch After EV Maker's 32% Third-Quarter Gain
Tesla's stock, after a significant 32% gain in the third quarter, is catching the eye of investors, especially as October unfolds with potential market-shifting events.
Anticipated Events
Investors are keenly eyeing Tesla's upcoming third-quarter vehicle delivery report and the much-anticipated "Robotaxi Day" on October 10. This event is expected to unveil new details about Tesla's self-driving vehicle services. Additionally, Tesla's quarterly earnings report later in October may add to the stock's volatility.
Breakout from Multi-Year Downtrend
The stock has recently broken above a long-standing downtrend line, which is a positive signal. It also surpassed the 200-week moving average, a key technical indicator. This indicates a potential market bottom and possible future gains.
Important Price Levels
- $265 Level: Tesla's stock might face selling pressure here, as this level aligns with several significant price points from earlier in 2022 and 2023.
- $300 Level: A strong breakout could lead to this area, where past price peaks may create resistance.
- $400 Level: If the rally continues, this level could serve as a potential exit point for investors, near the stock's historical highs.
Support Level
- $225 Level: This key support level could attract buying interest, especially during market dips, as it aligns with previous lows from May and October 2022.
Investors should closely monitor these levels as they navigate Tesla's potentially turbulent, yet promising, market journey.
