Tesla (TSLA) shares closed higher Tuesday for the fif♊th straight session as the EV maker recovers some of the ground lost during a two-month selloff. ♌;

The latest gains come after an 澳洲幸运5官方开奖结果体彩网:all-hands meeting last week where CEO Elon Musk urged employees to hold their Tesla shares, arguing that Wall Street doesn’t fully understand the company’s value based on its 澳洲幸运5官方开奖结果体彩网:self-driving technology and robotics products. Tuesday's share price increase came despite news that Tesla's sales in the European Union 澳洲幸运5官方开奖结果体彩网:fell sharply in February for the second consecutive month.

Shares of Tesla had rallied following Donald Trump's election win in November as investors were optimistic about Musk's proximity to the administration. After Trump was inaugurated in January, however, 澳洲幸运5官方开奖结果体彩网:shares slumped as some investors saw Musk's 澳洲幸运5官方开奖结果体彩网:involvement as hurting Tesla's brand amid 澳洲幸运5官方开奖结果体彩网:declining sales and  protests, along with uncertainty over how tariffs will 澳洲幸运5官方开奖结果体彩网:impact its business.

The stock, which came into this week on a nine-week losing streak, is still down about 40% from its record high set in December. Tesla shares rose 3.5% on Tuesday to finish the sess🧔ion at $288.14—above where they were when Trump was elected—and have gainedཧ 28% over the past five sessions.

Below, we take a closer look at Tesla’s 澳洲幸运5官方开奖结果体彩网:weekly chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to identify 𝐆key p♑rice levels that investors may be watching.

Hammer Candles Put Brakes on Recent Selling

After briefly dropping below the 200-week moving average (MA) in recent weeks, Tesla shares have reversed gear to climb back above the closely watched indicator, forming two bullish 澳洲幸运5官方开奖结果体彩网:hammer candlesticks in the process.

It’s also worth pointing out that the 50-week MA crossed back above the 200-week MA in January to form a 澳洲幸运5官方开奖结果体彩网:golden cross, ওa respected chart pattern that indicates higher prices.

However, while the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) has turned higher for the first time since mid-January, it still re꧃mains below the 50 threshold, signaling sluggish price ༒momentum.

Let’s identify three key areas of overhead interest on Tesla’s chart to watch and also locate important 澳洲幸运5官方开奖结果体彩网:support levels that may come into play during retracements.

Key Areas of Overhead Interest to Watch

Acceleration of the current move higher could see the shares initially rally to around $300. This region on the chart would likely attract significant interest near the 澳洲幸运5官方开奖结果体彩网:psychological round number and a trendline that connects several major 澳洲幸运5官方开奖结果体彩网:swing highs on the chart between January❀ 2021 and July 2023.

Further upside could trigger buying up to the $385 area. Investors may seek 澳洲幸运5官方开奖结果体彩网:exit points at this level near three peaks that formed on the chart from November 2021 🔴to April 2022.

A rise into 澳洲幸运5官方开奖结果体彩网:price discovery mode could drive a move to around $680. We projected this overhead target by taking the price bars that comprise the stock’s uptrend from April to December last year and overlay them from this month’s low. Interestingly, the prior move higher followed a drawdown of around 55%, a similarly sized drop to the stock’s recent 澳洲幸运5官方开奖结果体彩网:correction.

Important Support Levels That May Cౠome Into Play

A loss of momentum could see the shares decline to the $217 level, a region that may provide support near this month’s low, along with a range of other 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart stretching back to May 2022.

Finally, a resumption of recent selling in Tesla shares opens the door for a drop to lower support around $155. Investors could seek 澳洲幸运5官方开奖结果体彩网:buy-and-hold opportunities in this location near a 澳洲幸运5官方开奖结果体彩网:horizontal line that links an array of comparable price🦩 points on the chart from August 2020 to April last year.

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