Tesla (TSLA) shares gained ground in extended trading on Wednesday as optimism over the automaker's self-driving outlook trumped 澳洲幸运5开奖号码历史查询:fourth-quarter results that came in below Wall Street’s expectations.

CEO 澳洲幸运5开奖号码历史查询:Elon Musk told investors on the earnings 澳洲幸运5开奖号码历史查询:conference call that the company’s full self-driving technology continues to make significant inroads. Among other developments, Musk said the company plans to start using the unsupervi🐟sed version of the self-driving software with Tesla vehicles at the company's Austin, Texas factory starting in June, with a broader public release possible this year.

Tesla said it expects vehicle sales, which fell in 2024 for the first time, to return to growth this year. The company also said its plans for a more affordable model are 澳洲幸运5开奖号码历史查询:still on track to enter production in the first half of the year, though no official an🌳nouncement has been made about🦂 what the more affordable Tesla will look like or cost.

Tesla shares rose 4% to around $405 in after-hours trading, after falling more than 2% during the regular session. The stock has more than doubled over the past 12 months, with much of that gain coming since the early-November presidential election am🍃id hopes that Musk’s close ties with President Donald Trump will directly benefit the automaker.

Below, we take a closer look at Tesla’s chart and apply 澳洲幸运5开奖号码历史查询:technical analysis ꧅to identify crucial price levels worth watching out for.

Flag Pattern in Focus

Since hitting a record high last month, Tesla shares have 澳洲幸运5开奖号码历史查询:consolidated within a flag, a bullish chart pattern that indicates a brief pause in the stock’s uptrend before another move higher. Indeed, the price looks sets to gap above the ﷽pattern’s upper trending on Thursday in a move that could resume the stock’ꦰs upward momentum.

Investors should also watch for an increase in 澳洲幸运5开奖号码历史查询:trading volume, which has been in steady decli🔯ne throughout the recent flag pattern🥀.

Let’s analyze Tesla’s chart to identify a longer-term bullish target and also point out several major 澳洲幸运5开奖号码历史查询:support levels to watch during possible retracements.

Bullish Price Target to Watch

🍸To project a bullish t🅷arget, investors can use the bars pattern tool, which analyzes prior trends on the chart to forecast how a future move higher might look.

When applying the tool to Tesla shares, we take the stock’s trending move from October to December and overlay it from the flag pattern’s lower trendline. This predicts a target of around $790, a location about double Wednesday’s closing price where investors may decide to 澳洲幸运5开奖号码历史查询:lock in profits.

We selected this earlier trend as it followed a prior consolidation period of similar duration to the stock's current flag pattern.

Major Support Levels to Monitor

During dips, investors should initially watch the $360 level, a location where the shares could find support near two minor peaks that formed on the chart in November.

Selling below this level could see a more substantial fall to around $300. This area on the chart may attract buying interest near the 澳洲幸运5开奖号码历史查询:physiological round number and the prominent July 2023 澳洲幸运5开奖号码历史查询:swing high, which 🐓marked the stock’s record high until last November’s election-driven breakout.

Finally, further selling opens the door for a decline to the $265 level. Investors may look to 澳洲幸运5开奖号码历史查询:accumulate shares in this region, given it finds a 澳洲幸运5开奖号码历史查询:confluence of support from the upward sloping 澳洲幸运5开奖号码历史查询:200-day moving average and a trendline🤡 that connects multiple peaks on the chart stretching back to October 2023.

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