Tesla (TSLA) Stock Surges Following Trumps Election Win
According to the TSLA chart:
Tesla shares opened this week at $244.25.
By yesterdays close, the stock had reached $296.52.
This reflects a gain of over 21% for the week, with the major boost occurring on 6 November, as news broke of Trumps U.S. presidential victorya candidate supported by Teslas CEO, Elon Musk.
As CNBC reports:
Musk reportedly invested at least $130 million into Trumps campaign, lending his support as a significant effort in recent months.
The president-elect has pledged to roll back regulations that Musk opposes, leading Wall Street to bet on potential advantages for Tesla under the new administration.
Back on 24 October, after Teslas earnings report, we noted:
Since May, the price has been fluctuating within an upward channel (shown in blue), with the lower boundary acting as a strong support level.
The bullish momentum after the earnings release indicated a failed attempt by bears to break this lower boundary (shown with a red arrow).
Bulls might continue driving TSLA's price within this channel, aiming to breach the key resistance at $260.
Currently, technical analysis on TSLA shows an aggressive movement into the upper half of the channel. Its possible that the channels upper boundary will become a target for the ongoing rally (marked by black lines). Here:
The $300 level per share might present psychological resistance in the coming days.
Support may come from the blue channels median line or the key $260 level, where the price rebounded twice in 2024.
Read more: https://fxopen.com/blog/en/oa-tesla-tsla-stock-surges-following-trumps-election-win/
Text source: Forex Trading Blog
