Tesla (TSLA, Financial) has experienced a remarkable rise, with its stock price soaring approximately 57% since the U.S. presidential election and about 65% since a Robotaxi event. Over the past year, TSLA has risen around 64%. Despite this growth, it remains about 18% below its record closing high of $479.86 from December 17, significantly underperforming the broader market, where the S&P 500 fell only about 2% in the same timeframe.
Market technician Katie Stockton from Fairlead Strategies indicates Tesla is now in a retracement phase following its substantial breakout. The initial support level is approximately $350, with a secondary support around $300. These levels are crucial as they represent previous buying points for investors.
Similarly, Frank Cappelleri of CappThesis suggests considering the stock's parabolic trend, the support should be slightly above $350. He posits that if Tesla's price falls within the $350 to $360 range, it might present a good buying opportunity.
Douglas Busch from ChartSmarter identifies the upside potential between $480 and $500, expecting TSLA to reach this target by the first half of 2025. Despite the broader market's weakness, Tesla's recent stock performance has been relatively stable.
On Friday, TSLA marginally decreased by 0.05% to close at $394.74, while the S&P 500 and Dow Jones Industrial Average dropped about 1.5% and 1.6%, respectively, due to a stronger-than-expected non-farm payroll report, impacting Federal Reserve rate cut prospects and raising the 10-year U.S. Treasury yield to almost 4.8%.
