Tesla (TSLA) shares continued their 澳洲幸运5开奖号码历史查询:extended post-election rally on Monday,ဣ hitting a new record high af🅠ter Wedbush boosted its price target on the EV maker's stock.

The investment firm lifted its price target to $515 from $400 but noted that the stock could reach as high as $650 by the end of next year, arguing that the incoming Trump administration will give the legacy EV maker’s self-driving and 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) initiatives a boost.

Through Monday’s close, Tesla shares have surged about 85% since the start of the year, with most of those gains coming after the Nov. 5 election on optimism that CEO 澳洲幸运5开奖号码历史查询:Elon Musk’s close ties with President-elect Donald Trump will streamline the autꦐomaker’s apprꦫoval processes.

The stock gaine▨d 6% in regular trading Monday and added another 2% in extended hours, tra෴ding around $472.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Tesla’s chart and point out key chart levels that investors may be watching as the EV maker’s stock con🎀tinues to make new highs.

B🎐ullish Trend Moves Fur🍷ther into Overbought Territory

Since breaking out from an 澳洲幸运5开奖号码历史查询:ascending triangle earlier this month, Tesla shares have trended sharply higher, with increasing 澳洲幸运5开奖号码历史查询:trading volumes supporting the rally.

While the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bullish price momentum, the indicator also signals heavily 澳洲幸运5开奖号码历史查询:overbought conditions, openi🐽ng the door to short-term profit-taking as some investors cash in on the stock’s extended post-election ไgains.

Let’s turn to 澳洲幸运5开奖号码历史查询:technical analysis to provide insight as to where the stock’s current impulsive move higher may be headed next and identify key 澳洲幸运5开奖号码历史查询:support levels that may come into play during 澳洲幸运5开奖号码历史查询:pullbacks.

Chart-Based Bullish Target to Watch

To 🀅forecast a bullish target in Tesla shares, investors can use bars pattern analysis, a technique that studies historical﷽ trends to predict how future directional moves may play out..

When applying the tool to Tesla’s chart, we extract the stock’s sharp trending move from late June to early July and overlay it from the ascending triangle’s top trendline. This projects a bullish target around $510, a location where investors may decide to 澳洲幸运5开奖号码历史查询:lock in profits if the c🍃urrent move higher replicꦡates the prior strong trend analyzed.

Key Support Levels to Monitor

During 澳洲幸运5开奖号码历史查询:retracements, investors should initially keep an eye on the $360 level, a location on the chart where the shares may encounter support on a retest of the asce𓂃ndi🏅ng triangle’s top trendline.

A close below this area could see the shares fall to around the 澳洲幸运5开奖号码历史查询:psychological $300 level. Investors may look for buying opportunities in this region near the prominent July 2023 澳洲幸运5开奖号码历史查询:swing high and nearby 澳洲幸运5开奖号码历史查询:50-day moving average.

Finally, a significant 澳洲幸运5开奖号码历史查询:correction in Tesla shares may lead to retest of lower support near $265. This level would likely attract buying interest near a trendline that connects multiple peaks on the chart over a 12-month peri♚od between October 2023 and October this year💞.

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