Tesla (TSLA) shares surged Tuesday after 澳洲幸运5官方开奖结果体彩网:CEO Elon Musk said he is focus🌃ing more of his attention on running the EV maker💙.

“Back to spending 24/7 at work and sleeping in conference/server/factory rooms,” Musk posted on his X social media platform on Saturday. The billionaire added that he needs to remain focused on upcoming critical technologies, possibly referring to the EV maker’s highly anticipated 澳洲幸运5官方𒆙开奖结果体彩网:Robotaxi launch in Austin🐬 next month.

Tesla shares fell sharply between mid-December and early April amid concerns that Musk was too focused on his work leading the U.S. government's cost-cutting department, DOGE. However, the stock has rebounded since Musk told investors last month that he 澳洲幸运5官方开奖结果体彩网:would soon start spending more tiജme at Tesl𓂃a. While the shares are still down 10% since the start of the year, they have surged moreꦿ than 60% from their early-April 𝕴low.

The stock gained nearly 7% to around $363 on Tuesda🥃y, hitting its highest level since e💙arly February.

Below, we analyze the 澳洲幸运5官方开奖结果体彩网:technicals on Tesla’s chart and point out major 𝕴pr🔯ice levels worth watching out for. 

Pennant Pattern Breakout

After climbing above a 澳洲幸运5官方开奖结果体彩网:triple bottom formation and the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA), Tesla shares trended higher before consolidating in pennant, a chart 🐼pattern that signals a continuation of the stock’s uptrend.

Indeed, the price staged a breakout above the pennant in Tuesday’s trading session, setting the s🎶tage ♛for a new move higher. 

It’s worth noting the 澳洲幸运5官方开奖结果体彩网:relative strength index confirms bullish price momentum, though the indicator has moved into 澳洲幸运5官方开奖结果体彩网:overbought territory, increasing the chances of short-term 澳洲幸运5官方开奖结果体彩网:profit-taking.

Let’s identify two major overhead levels on Tesla’s chart to watch and also locate 澳洲幸运5官方开奖结果体彩网:support levels worth monitoring during potential 澳洲幸运5官方开奖结果体彩网:pullbacks.

Major Overhead Areas to Watch

The first overhead area to watch sits around $430. This level may provide 澳洲幸运5官方开奖结果体彩网:resistance near the January 澳洲幸运5官方开奖结果体彩网:countertrend peak, which also closely aligns with a brief dip after the stock hit its 澳洲幸运5官方开奖结果体彩网:record high in mid-December.

It’s worth pointing out this location roughly corresponds with a projected bars pattern target that extracts the price bars comprising the uptrend that preceded the pennant and repositions them from today’s breakout point. This analysis projects how a 澳洲幸运5官方开奖结果体彩网:continuation move could unfold on Tesla’s chart.

Buying above this level could drive a move toward the $489 level. Investors who have bought shares at lower prices may look for 澳洲幸运5官方开奖结果体彩网:exit points in this region near the prominent mid-December peak, which also marks the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high.

Key Support Levels Worth Monitoring

Profit-taking in the stock could trigger a potential 澳洲幸运5官方开奖结果体彩网:retracement toward $325. This level on the chart may attract buying interest near the pennan🅺t pattern'ไs low and troughs that formed on the chart in February and November.

Finally, a 澳洲幸运5官方开奖结果体彩网:breakdown below this key technical level could see Tesla shares revisit lower support around $289. Investors may seek to 澳洲幸运5官方开奖结果体彩网:accumulate stock in this location near the triple bottom pattern’s neckline and nearby 200-day MA.

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As of the date this article was written, the author does not own any of the above securities.