Tesla Stock Skyrockets 27% Following Impressive Q2 Deliveries, Major Support Level at $205 Could Signal Bullish Reversal for Tesla
Tesla shares surged 27% last week after better-than-expected second-quarter deliveries and building anticipation for the company's upcoming Robotaxi Day event. The rally pushed Tesla stock above the 50-day and 200-day moving averages and a prominent 12-month downtrend line, indicating strong buying momentum. Support may be found around $205, which connects major highs and lows from the past year and forms the neckline of an inverse head and shoulders pattern. Technical analysts view the stock's piercing candlestick pattern in late April as signaling a potential trend reversal from downward to upward.
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00:00It's Benzinga, and here's what's on the block.
00:03Tesla shares surged 27% last week after better-than-expected second quarter deliveries and building anticipation
00:09for the company's upcoming RoboTaxi Day event.
00:12The rally pushed Tesla stock above the 50-day and 200-day moving averages and a prominent
00:1712-month downtrend line indicating strong buying momentum.
00:21Support may be found around $205 a share, which connects major highs and lows from the
00:25past year and forms the neckline of an inverse head-and-shoulders pattern.
00:30Technical analysts view the stock's piercing candlestick pattern in late April as signaling
00:34a potential trend reversal from downward to upward.