Usman Salis
Tesla's stock is at one of those make-or-break moments that traders love to watch. The electric vehicle giant has been climbing steadily for weeks, but now it's bumping up against a technical level that could either launch it higher or send it back down for another try.
TSLA Price Battles $368 Resistance
Trader @ali_charts has been tracking Tesla's dance with the $367-$368 resistance zone, and it's turning into quite the showdown. This price level has been like a glass ceiling for months, repeatedly pushing back Tesla's attempts to break higher. Right now, TSLA is trading around $349.60 (down 0.59%), basically camping out just below this critical line in the sand.
What's interesting is that the chart is showing an ascending triangle pattern. For those who don't speak chart, this usually means buyers are getting more aggressive each time the price dips, while sellers keep defending the same high point. It's like a tug-of-war that's slowly tilting toward the bulls.
Technical Outlook for Tesla (TSLA)
Here's what the charts are telling us about where Tesla might head next:
- If things go south, there's solid support around $334, which lines up nicely with a key Fibonacci level (the 0.786 retracement for the math nerds out there).
- But if Tesla finally punches through that $368 ceiling? Hold onto your hats. The next targets could be $409, $431, $462, and potentially $488, based on where the Fibonacci extensions are pointing.
- Of course, there's always a flip side. If Tesla gets rejected at $368 again, we might see it slide back toward the $310-$334 support zone.
The next few trading sessions are going to be crucial. Bulls need to show up with some serious buying power to confirm this breakout and keep the momentum going.
Market Context and Investor Sentiment
Tesla's technical setup isn't happening in a vacuum. There are some broader trends working in its favor:
- The AI revolution and electric vehicle adoption are still hot topics among big institutional investors, and Tesla sits right at the intersection of both trends.
- The overall market environment has been pretty friendly to high-growth tech stocks like Tesla.
- Since April, Tesla has been making higher lows, which is trader-speak for "smart money is quietly accumulating shares."
If the stars align and Tesla does break above $368 with conviction, it could be off to the races toward new highs for 2025.
Usman Salis
