Peter Smith
Tesla's stock is gaining momentum following a confirmed breakout from a critical trendline, with technical indicators pointing to multiple upside targets that could drive significant gains for investors.
Tesla (TSLA) Price Breakout Gains Strength
Tesla is riding strong momentum after breaking out from a major trendline. Currently trading around $351.58, the stock is holding well above key support levels, signaling that buyers are firmly in control.
Trader @donaldjdean recently noted that Tesla's breakout coincides with solid technical indicators. The stock is positioned on what's called a "volume shelf" - essentially a high-liquidity zone that often launches prices higher. This setup suggests Tesla could soon challenge resistance levels above.
TSLA Price Targets: $367, $420, and $488+
Tesla's first target sits at $367, where it'll test recent highs. If the momentum continues, the next major hurdle is $420 - a level backed by strong volume data.
Looking ahead, bulls could push TSLA toward $488, which would challenge its all-time peaks. This longer-term target gets support from Fibonacci levels and the ongoing breakout pattern visible on daily charts.
What Investors Should Watch Next
Tesla bulls need to see the stock hold above $351-$355 support. A clean break above $367 would confirm the next move higher toward $420.
Keep an eye on broader market conditions, sentiment around tech and EV stocks, and Tesla's upcoming earnings. Any positive fundamental news could provide the catalyst needed for another strong rally.
Peter Smith
