Tesla (TSLA) shares will be in focus to start the 🌺week after logging two consecutive days of losses, as investors reassess the stock’s extended post-election rally and look ahead to 💎the EV maker’s fourth-quarter deliveries report.

Wall Street predicts the deliveries number, which is 澳洲幸运5官方开奖结果体彩网:expected to be released on Thursday, to come in around 510,000 units, which would represent 10% growth from the prior quarter and a 5% improvement from a year earlier.

Since the Nov. 5 presidential election, Tesla shares have surged more than 70% on expectations that CEO 澳洲幸运5官方开奖结果体彩网:Elon Musk’s ties with President-elect Donald Trump and growing influence in Washington will benefit the automaker’s au💛tonomous driving ambitions.

Tesla shares lost nearly 7% over the last two trading sessions, closing Friday at $431.66. The stock is down from an all-time high of $488.54 set on Dec. 18, the same day the Federal Reserve said that it would likely 澳洲幸运5官方开奖结果♏体彩网:slow the pace of interest rate cuts in 2025. 澳洲幸运5官方开奖结果体彩网:High interest rates could weigh on vehicle sales as most buyers f😼inance purchases.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Tesla’s chart and point out impor𝔍tant price leജvels to watch out for.

Pennant Pattern Takes Shape

Tesla shares trended sharply higher for several weeks after breaking out from an 澳洲幸运5官方开奖结果体彩网:ascending triangle in early December, but have since consolidated within a pennant, a chart pattern that signals a 澳洲幸运5官方开奖结果体彩网:continuation of the stock’s uptrend.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) has continued to fall since topping out near the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) in mid-December, it remains above 50, pointing to healthy price꧂ momentum.

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to forecast a 澳洲幸运5官方开奖结果体彩网:price target in Tesla shares and also identify several major 澳洲幸运5官方开奖结果体彩网:support levels that may come into play during 澳洲幸运5官方开奖结果体彩网:pullbacks.

Measured Move Price Target

To forecast a potential upside price target if a continuation move plays out, investors can use the measured move technique, also known as the 澳洲幸运5官方开奖结果体彩网:measuring principle.

When applying the tool to Tesla’s chart, we calculate the distance in points of the impulsive move higher that preceded the pennant and add that amount to the pattern’s top trendline. In this case, we add $150 to $465, which projects a target of $615, an area where investors may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits.

Major Support Levels to Watch

A 澳洲幸运5官方开奖结果体彩网:breakdown below the pennant’s lower trendline could initially see Tesla shares revisit the $360 level, a location currently just above the upward sloping 澳洲幸运5官方开奖结果体彩网:50-day moving average whꦬ🍌ere they may find support near the ascending triangle's top trend line.

A close below this area opens the door for a retest of the $300 level. Investors may seek buying opportunities in this region near the 澳洲幸运5官方开奖结果体彩网:psychological round number and the stock's prominent July 2023 澳洲幸运5官方开奖结果体彩网:swing high.

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