Although the concept of ‘Uptober’ typically refers to one of the strongest months for assets in the cryptocurrency market, especially for Bitcoin (BTC), the upcoming month might also be exceptionally bullish for Tesla (NASDAQ: TSLA) stock.
As it happens, Tesla stocks closed the week above the 78% retracement of the recent downtrend, and pseudonymous markets analyst CyclesFan believes their price will move even higher in October, according to the analysis the expert shared in an X post on September 30.
Furthermore, the analyst observed that an “equal measured move to the April-July uptrend in both price and time should take it to $314 on October 21-25,” adding that the $314 price mark was “also the August 2022 high” for TSLA shares.
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Indeed, the chart highlights two significant bullish TSLA stock increases, one from late April 2024 to early July 2024, demonstrating a price gain of 95.24% over 77 days, and the other that began in early August 2024 and should continue until at least October 21, 2024, with a 72.64% price gain – toward $314 – during the same period.
At the same time, Tesla stock has experienced multiple price pullbacks since mid-2023, repeatedly bouncing off lower levels and surging upward, suggesting strong support levels during downturns, with $314 standing as a significant resistance point, which could either act as a ceiling or a springboard for further gains.
Tesla stock price analysis
For the time being, the price of Tesla shares stands at $260.35, suggesting a 0.66% gain on the day, adding up to the 1.60% increase across the past week and an even more significant advance of 22.94% over the month while accumulating growth of a mere 4.18% year-to-date (YTD), as per most recent data.
It is also worth noting that other analysts as well have expressed the belief that Tesla stock might rally in the coming weeks, including the team at market analytics and trading platform TrendSpider, which noted that TSLA’s past price movements coincided with the Federal Reserve’s interest rate cuts.
On the other hand, Wolfe Research’s Emmanuel Rosner cautioned against overwhelming optimism and recommended refraining from trading the shares for now, as he argued that Tesla still had a lot to price, even with the successful launch of the Robotaxi. As he explained:
“It will be hard to prove at this event, but if TSLA gives investors a roadmap for AV tech development, timeline for deployment, and color on the business model, it might be enough as a starting point.”
Overall, Tesla stock is, indeed, showing bullish potential for the upcoming weeks, but things in the stock market can easily change, so doing one’s own research, including keeping an eye out on headlines that refer to matters like Tesla stock split, Tesla stock prediction 2025, and others, is critical.
