Tesla (TSLA) remains in the spotlight after a 27% surge in the EV maker’s share price last week drove the stock 澳洲幸运5官方开奖结果体彩网:back into the green for the year. The rally followed a better-than-expected second-quarter 澳洲幸运5官方开奖结果体彩网:deliveries report on Tuesday and buiꦬlding anticipation ahead of the company's R𝔉obotaxi Day next month.

Amid the strong recent price momentum, we use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key areas on Tesla’s 澳洲幸运5官方开奖结果体彩网:weekly chart to watch out for.

 Breakout Above Key Chart Indicators

Tesla shares have been tracking higher since the completion of a 澳洲幸运5官方开奖结果体彩网:piercing pattern in late April. Typically, technical analysts interpret this two-bar 澳洲幸运5官方开奖结果体彩网:candlestick formation as signalinಌg a potential reversal from a downward trend to an upward trend.

Last week, the stock closed above both the 50- and 200-week moving averages and a prominent 12-month downtrend line on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since mid-February, indicating buying conviction among market participants. Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) nears overbought terr✱itory, confirming the strong recent♍ price momentum.

Levels to Watch Amid Further Upside

If the stock continues to climb higher, investors should focus on three key chart ꧒levels.

Firstly, it’s worth🦂 watching how the price responds to last year’s high at $299♋.29, an area that also sits in close proximity to two prior price peaks that formed in August and September 2022.

A close above this region could see Tesla shares move up to the next important 澳洲幸运5官方开奖结果体彩网:resistance level at $384.29, where they may encounter selling pressure near the April 2022 澳洲幸运5官方开奖结果体彩网:swing high. Interestingly, this area also roughly aligns with a bars pattern of the stock’s January to July 2023 uptrend applied to the April 澳洲幸运5官方开奖结果体彩网:swing low.

Upon a breakout above this level, the stock could make an attempt at setting a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) above its current ⛎record high at $414.50 mint⛦ed in November 2021.

Monitor This Key Area During Retracements

Given the stock trades near overbought conditions, it’s also worth identifying where it may find support during a pullback.

A retracement would likely find buying interest around $205, an area on the chart where a horizontal line connects a series of 澳洲幸运5官方开奖结果体彩网:peaks and troughs dating back to February last year. This trendline also forms the neckline of an 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders pattern on the daily chart.

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