Victoria Bazir
⬤ Tesla shares are trading around $453, steadily climbing back toward historically significant resistance zones. The stock is holding above rising support while moving within an upward-sloping channel, setting up for a potential test of higher levels after bouncing from recent lows.
⬤ Following November's volatility, TSLA reversed course and started building a series of higher lows. Since early December, the stock has pushed from the low $400s into the mid-$450 range, driven by renewed buying interest. Volume data shows improving sentiment, with positive pressure backing the recent rally.
⬤ Tesla is now consolidating just beneath long-term resistance tied to previous record highs. The price action suggests controlled pullbacks rather than heavy selling, meaning supply is being absorbed near resistance. Momentum indicators have flipped positive, confirming the recovery phase is still active.
⬤ This movement matters beyond Tesla itself—the stock's influence across major indices and growth sectors means its performance often signals broader market risk appetite. Sustained strength in TSLA typically aligns with positive momentum in technology and consumer discretionary stocks. If the stock pushes through resistance, it could lift overall sentiment heading into year-end. If it stalls here, expect short-term consolidation as traders gauge conviction before the final trading sessions of 2024.
Victoria Bazir
