Tesla (TSLA) shares jumped nearly 5% Monday to move into the green for the year after several analysts highlighted 澳洲幸运5官方开奖结果体彩网:potential catalysts that could drive the stock’s near🦋-term momentum.

Barclays said Monday that the 澳洲幸运5官方开奖结果体彩网:legacy electric vehicle maker sits well positioned to announce better-than-expected third-quarter vehicle deliveries on Oct. 2, citing improving 澳洲幸运5官方开奖结果体彩网:macroeconomic conditions and rebounding EV demand in Tesla’s second largest market, China.

Meanwhile, Bank of American and Goldman Sachs recently identifiಌed the company’s eagerly anticꦑipated robotaxi day on Oct. 10 as a potential catalyst for the stock, with Goldman saying Tesla may use the event to unveil a lower priced vehicle.

Teꦏsla shares gained 4.9% on Monday to close at $250.00.

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 point out key price levels investors🦩 should watch out for.

Bullish Technicals, Volume in Focus

After climbing to their current 2024 high in early July, Tesla shares retraced as much as 33% before finding support from a prior multi-month 澳洲幸运5官方开奖结果体彩网:downtrend line and the neckline of an 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders pattern.

Since that time, the EV maker’s stock has trended higher to recover most of those losses, with gains accelerating in recent trading sessions. It’s also worth noting that the 50-day moving average (MA) crossed above the 200-day MA in late July to form a 澳洲幸运5官方开奖结果体彩网:golden cross, a bullish chart signaꦰl that predicts higher pric꧑es.

However, investors should watch for increasing volumes to confirm the stock’s recent bullish momentum. Although share turnover has increased over the past week, it remains below longer-term averages, pointing to a lack of participation from 澳洲幸运5官方开奖结果体彩网:institutional investors.

Looking ahead, keep an eye on these important 澳洲幸运5官方开奖结果体彩网:support and resistance levels on Tesla’s chart.

Key Support Levels to Watch

During periods of weakness, investors should eye the $225 level, an area on the chart where the shares could attract support near the July 24 gap day’s opening price and last month’s high.

Selling below this level may see the shares revisit $205, a location where Tesla bulls could look for 澳洲幸运5官方开奖结果体彩网:entry points near a 澳洲幸运5官方开奖结果体彩网:horizontal line linking the late January pre-gap low with the February peak and August trough.

Pivotal Resistance Levels to Monitor

If the stock continues its upward momentum, investors should monitor how the price responds to the $265 level, a region where sellers may look to offload shares near two prominent 澳洲幸运5官方开奖结果体彩网:swing highs that formed on the chart in December and July.

Finally, a breakout from this♛ level could see the shares climb to the $300 area, where they would likely encounter selling pre🌟ssure around the 2023 high.

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