Tesla (TSLA) shares plunged Friday after the long-awaited unveiling of the EV maker’s self-driving 澳洲幸运5官方开奖结果体彩网:Cybercab and other products fell short of investors' expectations.

At an event late Thursday, Tesla CEO Elon Mu𒈔sk also introduced a Robovan, which can seat up to 20 passengers at a time or be used to transport goods, and showcased the automaker’s Optimus hum🐻anoid robot, which he touted as “the biggest product ever, of any kind.”

The stock was down 8% at around $220 in midday trading Friday as investors were hoping for more details on the company's robotaxi plans and were disappointed Tesla didn't reveal a new, lower-cost vehicle.

Tesla shares, which are now down about 12% since the start of the year, gained more than 30% in the third quarter as investors bid up the stock in anticipation of a solid 澳洲幸运5官方开奖结果体彩网:third quarter deliveries report and the company’s robotaxi event. Tesla caps off a big month of updates when it reports third quarter earnings after the closing bell on Oct. 23.

Below, we take a closer look at Tesla’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify important price levels worth watching out foꦡr.

Flag Pattern Signals Uptrend Continuation

Since bottoming out in early August, Tesla shares trended higher until early October before retracing within a flag, 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 move higher.

However, volumes remain below average, suggesting larger market participants, such as 澳洲幸运5官方开奖结果体彩网:institutional investors and asset managers, may be sitting on the sidelines digesting the automaker’s ꧟October updates.

Looking ahead, investors should keep a close eye on several important 澳洲幸运5官方开奖结果体彩网:support and resistance levels on ꧑Tesla’s cha𒅌rt that could come into focus.

Key Support Levels to Watch

The first area to watch is $225, where the shares may attract buying interest near the flag pattern’s lower trendline and 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA), which 🍸also sits in close proximity to a trendline that extends back to early Nove🔥mber last year.

Further selling could lead to a retest of lower support around $205, a location where investors may seek out 澳洲幸运5官方开奖结果体彩网:entry points near several 澳洲幸运5官方开奖结果体彩网:peaks and troughs that formed on the chart between October 2023 and August 𒅌this🌞 year.

Important Resistance Levels to Monitor

A breakout above the flag pattern’s upper trendline could drive a move to the $265 area, where the shares may encounter overhead resistance from four prominent 澳洲幸运5官方开奖结果体彩网:swing highs on the chart between October last year and Octoberꦉ this year.

Finally, a more bullish move may see the shares test the $300 region, where investors who bought at lower levels could look to 澳洲幸运5官方开奖结果体彩网:lock in profits near the stock’s 2023 high.

Interestingly, a bars pattern, which takes Tesla’s uptrend that preceded the flag and positions it ܫfrom the pattern’s lower tr⭕endline, projects a price target just above this area.

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