Watch These Tesla Stock Price Levels After Last Week's Huge Rally
What caused Tesla shares to surge 27% last week?
Tesla shares surged 27% last week due to a better-than-expected second-quarter deliveries report and building anticipation ahead of the company's Robotaxi Day next month. The stock closed above both the 50- and 200-week moving averages, indicating buying conviction among market participants.
What is the significance of Tesla's stock closing above the 50- and 200-week moving averages?
Closing above the 50- and 200-week moving averages signifies a potential shift in Tesla's stock trend. It indicates that the stock's short-term momentum is stronger than its long-term momentum, which often suggests a bullish trend. This event, combined with high trading volume and a piercing pattern, signals buying conviction among market participants and supports the idea of further upside for Tesla's stock.
What are the three key resistance levels for Tesla shares on the weekly chart?
The three key resistance levels for Tesla shares on the weekly chart are $299.29, $384.29, and $414.50. These levels may pose challenges to the stock's upward movement, with $299.29 being last year's high and $414.50 being the current all-time high set in November 2021.