Tesla (TSLA) shares continued their 澳洲幸运5官方开奖结果体彩网:extended post-election rally on Monday🅠, hitting a new record high after Wedbush boosted☂ its price target on the EV maker's stock.

The investment firm lifted its price target to $515 from $400 but noted that the stock could reach as high as $650 by the end of next year, arguing that the incoming Trump administration will give the legacy EV maker’s self-driving and 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) initiatives a boost.

Through Monday’s close, Tesla shares have surged about 85% since the start of the year, with most of those gains coming after the Nov. 5 election on optimism that CEO 澳洲幸运5官方开奖结果体彩网:Elon Musk’s close ties with President-elect Donald Trump will streamli🎀ne the automaker’s approval processes.

The ꦦstock gained 6% in regular trading Monday and added another 2% in extended hours, trading around $472.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Tesla’s chart and point out key chart levels that💜 investors may be watching as the EV maker’s stock continues to make new highs.

Bullish Tr🐼end Moves Further into Overbought Territoജry

Since breaking out from an 澳洲幸运5官方开奖结果体彩网:ascending triangle earlier this month, Tesla shares have trended sharply higher, with increasing 澳洲幸运5官方开奖结果体彩网:trading volumes supporting the rally.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum, the indicator also signals heavily 澳洲幸运5官方开奖结果体彩网:overbought c♉onditions, opening the door to short-term profit-taking as some investors cash in on the stock’s extended post-election gains.

Let’s turn to 澳洲幸运5官方开奖结果体彩网:technical analysis to provide insight as to where the stock’s current impulsive move higher may be headed next and identify key 澳洲幸运5官方开奖结果体彩网:support levels that may come into play during 澳洲幸运5官方开奖结果体彩网:pullbacks.

Chart-Based Bullish Target to Watch

To forecast a bullish target in Tesla shares, investors can use bars pattern analysis, a technique that stꦗudies historical trends to predict how future dir𒉰ectional moves may play out..

When applying the tool to Tesla’s chart, we extract the stock’s sharp trending move from late June to early July and overlay it from the ascending triangle’s top trendline. This projects a bullish target around $510, a location where investors may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits if t☂he📖 current move higher replicates the prior strong trend analyzed.

Key Support Levels to Monitor

During 澳洲幸运5官方开奖结果体彩网:retracements, invest𝓡ors should initially keep an eye on the $360 level, a location on the chart where the shares may encounter support on a retest of the ascending triangle’s top trendline.

A close below this area could see the shares fall to around the 澳洲幸运5官方开奖结果体彩网:psychological $300 level. Investors may look for buying opportunities in this region near the prominent July 2023 澳洲幸运5官方开奖结果体彩网:swing high and nearby 澳洲幸运5官方开奖结果体彩网:50-day moving average.

Finally, a significant 澳洲幸运5官方开奖结果体彩网:correction in Tesla shares may lead to retest of lower support near $265. This level would likely attract buying interest near a trendline that connects multiple peaks on the chart over a 12-mon𝄹th period between October 2023 an🅠d October this year.

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