So, a few days ago, I posted about a bull flag forming on the daily chart for Tesla. This flag pattern was a period of consolidation following an incredibly whooping rally from the $270 mark to around $350 (around a 30% or so gain).
Today, we have a new break-out from this consolidation period, and as of writing right now, Tesla is up 7%. It has now breached the $350 resistance level.
If you look more closely, the chart pattern resembles something close to a cup and handle pattern. You have the cup base going from the 20th of Feb 2025 all the way to the 14th of May 2025. Our bull flag which lasted between the 14th of May until the 23rd of May (last Friday), could as well be a handle for the cup base.
A break-out from not only the bull flag but the cup and handle could signal a massive move towards $400, however $375 and $390 could be points of resistance, and it would be wise to watch for a cooldown in the short-term.
Upcoming this week, it might worth mentioning that
NVDA earnings could have a strong impact on tech and affect Tesla - even if Tesla isn't much exposed to AI as the semiconductors.
To conclude, target is $390-$400 however as we all know, nothing is guaranteed :)
Note: Not financial advice. My analysis is not advice, rather just an idea. Please do your DD as well.
Today, we have a new break-out from this consolidation period, and as of writing right now, Tesla is up 7%. It has now breached the $350 resistance level.
If you look more closely, the chart pattern resembles something close to a cup and handle pattern. You have the cup base going from the 20th of Feb 2025 all the way to the 14th of May 2025. Our bull flag which lasted between the 14th of May until the 23rd of May (last Friday), could as well be a handle for the cup base.
A break-out from not only the bull flag but the cup and handle could signal a massive move towards $400, however $375 and $390 could be points of resistance, and it would be wise to watch for a cooldown in the short-term.
Upcoming this week, it might worth mentioning that
NVDA earnings could have a strong impact on tech and affect Tesla - even if Tesla isn't much exposed to AI as the semiconductors.To conclude, target is $390-$400 however as we all know, nothing is guaranteed :)
Note: Not financial advice. My analysis is not advice, rather just an idea. Please do your DD as well.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.