Tesla (TSLA) shares have gained floor the previous two periods after a five-day dropping streak throughout which the inventory misplaced 18% of its worth. 

The inventory hit a record high in mid-December amid optimism that CEO Elon Musk’s shut ties with President-elect Donald Trump will profit the EV maker. Tesla shares surged greater than 60% in 2024, with the lion’s share of these beneficial properties coming after the November 5 election.

Tesla slumped after the Christmas break, monitoring a broader market decline, and tumbled 6% on the primary buying and selling session of 2025 final Thursday when the corporate’s fourth-quarter vehicle deliveries report got here in weaker than anticipated. The inventory jumped 8% the next day because the automaker mentioned its gross sales in China hit a report final 12 months, boosting confidence {that a} restoration could possibly be underway on the planet’s largest automobile market the place the corporate faces intense competition from home EV rivals.

Tesla shares completed Monday’s session up 0.2% at $411.05. That is 16% under the inventory’s all-time excessive set on December 18.

Under, we take a better take a look at Tesla’s weekly chart and level out vital value ranges to be careful for.

Robust Uptrend Stays Intact

Regardless of the current pullback, Tesla shares have trended sharply larger since breaking out from an ascending triangle in early November following the U.S. election.

Furthermore, the relative strength index (RSI) nonetheless offers a studying close to overbought ranges, highlighting the inventory’s bullish value momentum.

Let’s apply technical analysis to foretell how the present uptrend could unfold and determine vital support levels the place traders could search for shopping for alternatives.

Bars Sample Evaluation

To forecast a bullish price target and venture how lengthy the trending transfer could final earlier than the inventory consolidates, traders can use the bars sample software, which analyzes prior tendencies to foretell future strikes.

When making use of the evaluation to Tesla’s chart, we take the worth bars that comprise the inventory’s robust development from October 2019 to February 2020 and reposition them from the November breakout. This forecasts a goal of round $745 and signifies the present transfer larger could final till early March if value historical past rhymes.

We chosen this prior trending transfer as a result of it commenced following a weekly breakout of almost 30% from a previous ascending triangle, intently mimicking the inventory’s present value motion.

Vital Assist Ranges to Watch

If the inventory continues to retreat from its current highs, traders ought to initially keep watch over the $370 degree, a location on the chart the place the shares could discover help close to a number of peaks positioned just under the inventory’s early November 2021 prime.

An in depth under this degree may see the shares revisit decrease help round $300. Buyers could look to affix the longer-term uptrend on this space close to the psychological round number and a trendline that hyperlinks peaks in August and July final 12 months.

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As of the date this text was written, the creator doesn’t personal any of the above securities.