The share price of electric vehicle manufacturer Tesla (NASDAQ: TSLA) remains at a critical juncture, facing the increasing threat of dropping below the $300 support.
To some extent, the stock has cooled down from its post-election momentum, where investors were anticipating the equity would touch the crucial $400 mark.
As of press time, TSLA was valued at $320.72, ending the November 15 trading session up over 3%. On the weekly chart, Tesla is down over 7%.
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TSLA share price key levels to watch
Moving into the new week, a crypto trading expert by the pseudonym Real Broker identified several key price levels to watch for the EV giant, as noted in an X post on November 16.
According to the analysis, Tesla appears to be forming a fifth wave in its price cycle, with a potential target in the $399–$400 range by December or January. This target aligns with the 2.618 Fibonacci extension.
Real Broker disclosed entering Tesla shares at an average price of $306.80 and adding call options following an inverse head-and-shoulders breakout on Friday. In the short term, the stock faces key resistance levels at $325, $337, and $345.
“TSLA, I believe, is working on a 5th wave into Dec/Jan time frame.<…> Levels along the way $325, $337, $345. Let’s start with that for this week,” the expert noted.
Should bullish momentum falter, a retracement could test key support levels, with the 0.618 Fibonacci retracement at $279.85 acting as a crucial downside target.
Meanwhile, another analysis by kpak flagged a warning for TSLA in the short term, as the technical setup signals a potential pullback in the coming days.
The analyst observed that the stock’s weekly chart shows it has formed a potential top rejection candle, signaling resistance at dual-channel levels. This key barrier may halt the stock’s recent rally, with anticipation for either a breakout or a pullback in the coming days.
Notably, as reported by Finbold, another analysis by GDXTrader supported the outlook for a possible pullback in TSLA’s valuation, considering the equity has formed a bearish counter-attack pattern.
What next for TSLA share price
As things stand, Tesla continues to be buoyed by strong fundamentals, with most investors anticipating momentum under the upcoming Donald Trump administration.
Indeed, with Trump signaling the intention to repeal federal EV tax credits, the stock showed strength, ending the last trading session outperforming the market.
Wedbush analyst Dan Ives previously hinted at how Tesla might perform after a possible credit repeal. He noted that Tesla will likely thrive in an environment without tax credits, banking on its market dominance.
On the other hand, analysts have offered a mixed outlook for Tesla based on various underlying fundamentals, such as the company’s rising dominance in autonomous technology and its general competitive edge across the EV market.
This aspect contributed to RBC Capital analyst Tom Narayan raising Tesla’s price target to $313 from $249. Jefferies’ Philippe Houchois also raised Tesla’s price target to $300 from $195, with a ‘Hold’ rating.
Meanwhile, Morgan Stanley’s (NYSE: MS) Adam Jonas sees the stock hitting a high of $500, citing the potential of Musk’s influence on federal self-driving technology standards.
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