Tesla (TSLA) shares fell on Monday, a sluggish start to the week 🔯for a stock that had posted gains in each of the previous four weeks.

The downturn to start this week came as technology conglomerate 澳洲幸运5官方开奖结果体彩网:Xiaomi✨ announced that its new electric YU7 SUV will launch in China on Thursday, likely challenging Tesla’s popular Model Y for market share in the competitive mid-size electric SUV category.

During their 澳洲幸运5官方开奖结果体彩网:four-week winning run, Tesla shares gained 45%. Sentiment has received a boost lately from the cooling of global trade tensions, including lower tariffs, and 澳洲幸运5官方开奖结果体彩网:CEO Elon Musk’s commitment to spend more time running the company, all of which have helped offset concerns about 澳洲幸运5官方开奖结果体彩网:declining sales. The stock fell more than 𒈔▨2% to around $342 on Monday.

Below, we take a closer look at Tesla’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key price levels worth watch🌄ing out for.

Uptrend Consolidation

Tesla shares continued trending higher after breaking out above the neckline of a 澳洲幸运5官方开奖结果体彩网:triple bottom pattern earlier this month, through the price has 澳洲幸运5官方开奖结果体彩网:consolidated in recent tr💟ading sessions as investors assess the stock’s next movཧe.

Despite the minor retracement that has coincided with declining volume, the 澳洲幸运5官方开奖结果体彩网:relative strength index remains just below the 70 threshold, confirming bullish price mom🐈entum.🌊

Let’s identify several important 澳洲幸运5官方开奖结果体彩网:support and resistance levels on Tesla’s💮 chart that investors will likely be monitoring.

Support Levels to Monitor

The first lower level to monitor sits around $289. The shares could encounter buying interest in this area near the triple bottom pattern’s neckline, which may flip f🐼rom a location of prior resistance into future support.

Further selling in the stock opens the door for a decline to the $271 level. Investors may look for 澳洲幸运5官方开奖结果体彩网:entry points in this region near the 澳洲幸运5官方开奖结果体彩网:50-day moving average and a horizontal line that connects a range of corresponding trading activity on the chart extending back to last July’s prominent 澳洲幸运5官方开奖结果体彩网:swing high.

Important Resistance Levels to Watch

A resumption of the current uptrend could see Tesla shares initially climb to around $430. This area on the chart may provide overhead selling pressure near the mid-January 澳洲幸运5官方开奖结果体彩网:countertrend peak and the stock’s first minor pullback after setting its record high in mid-December.

This location also aligns with a projected bars pattern target that takes the stock’s trend higher in early May and overlays it from Monday’s low. This analysis speculates that a basic 澳洲幸运5官方开奖结果体彩网:Elliot Wave pattern comprising five distinct price swings may be pl𒈔aying out.

Further upside could fuel a rally toward the $489 level. Investors who have purchased shares at lower prices may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits in this region near the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high, especially if other 澳洲幸运5官方开奖结果体彩网:technical indicators were confirming💟 overbought conditions at the same time.

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