View these key Tesla price levels after the stock logs a five-day losing row

Tesla (TSLA) shares may remain in the limelight on Wednesday after logging their fifth losing trade session in a row yesterday.

Sentiment for the stock may have taken a tooth Tuesday after Tesla’s Chinese Rival BYD (BYDDY) revealed its driver assistant system, which it plans to develop with AI Startup Deepseek and make available on many models, possibly directly competing with Tesla’s autonomous driving technology in EV Maker’s second largest market.

Others also care about increasing distractions for Tesla CEO Elon Musk as reports emerged for the busy billionaire and a consortium investors who filed as an unsolicited bid to take over Chatgpt Maker Openai.

Tesla shares experienced some gains in early trade on Wednesday, but have tumbled almost 20% since the beginning of the year from Tuesday’s close in the midst of growing concerns about how the Trump administration’s proposed customs with the most important trading partners will implement the company. However, the stock still remains 30% over its election day close to the expectations that Musk’s close ties with the president will accelerate the carmaker’s self -driving ambitions.

Below we take a closer look at Tesla’s weekly chart and use technical analysis to identify important price levels worth looking at.

Retracement accelerates

When Tesla shares formed a shooting star after setting a record high in mid-December, the award has undergone a retacement of more than 20%, albeit by falling trading volumes.

In better news for Bulls, a prominent reverse head and shoulder pattern on the diagram stays intact, while a recent golden cross signal also indicates a longer term positive bias.

Let’s identify two important levels where the share’s current Retracement may encounter support and also locate more fixed areas to look at a resumption of the long -term uptrend.

Crucial support levels to see

First, it’s worth keeping an eye on how Tesla Shares react to the psychological level of $ 300. Look for bulls to defend this region sitting near a horizontal line connecting a series of peaks on The map between January 2021 and July 2023.

Selling under the round number could see the shares revise the $ 265 level. This region of the diagram can provide support near the inverse head and shoulders’ neckline, which can turn from an area of ​​prior resistance to future support.

Important overhead areas to see

After a resumption of the share’s long-term movement higher, investors should initially look at the $ 415 area. Those who bought the recent dip could look like to lock profits near the remarkable November 2021 swing mounds, which also close to lines with several price points located just below the record height.

Finally, if Tesla shares move into price discovery mode, investors may speculate on a potential bullish target by using the rod pattern tool.

When we use the analysis, we take the stock trending movement higher from August to December last year and reposition it from the $ 300 support level mentioned above. This forecasting a measure of about $ 735 and would finish an Elliot wave pattern with five different swings.

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