Tesla (TSLA) shares plunged on Thursday, pushing the EV maker out of the 澳洲幸运5开奖号码历史查询:exclusive $1 trillion club amid an intensifying spat between ওCEO Elon Musk and President Donald Tru𝓡mp.

In recent days, Musk✱ had criticized a sprawlinꦛg tax and spending bill currently before Congress, prompting the president on Thursday to express disappointment in the billionaire, who then fired back with a series of social media posts that sparked further reaction from Trump. Investors fear the 澳洲幸运5开奖号码历史查询:escalating tension between the pair could lead Trump to axe funding and subsidies, and to block r𝐆egulatory approval, for Musk’s businesses, including Tesla.

Tesla shares dropped 14% on Thursday to close at around $285, wiping out a sizable portion of the gains that the stock had posted after Musk said in late April that he planned to step away from his role as head of the government's Department of Government Efficiency to 澳洲幸运5开奖号码历史查询:spend more time at 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 m🌌ajor price levels that investors will likely be watching.

Rising Wedge Breakdown

Since bottoming out in early April, Tesla shares staged a 澳洲幸运5开奖号码历史查询:countertrend rally within a 澳洲幸运5开奖号码历史查询:rising wedge. However, the price broke down from the pattern this week, indicating a resumption of the stock’s longer-term 澳洲幸运5开奖号码历史查询:downtrend that started in December.

In recent days, selling has accelerated, with the price closing below both the 50- and 200-day moving averages in Thursday’s trading session, a move that coincided with the 澳洲幸运5开奖号码历史查询:relative strength index falling sharply below its neutral threshold toward oversold territory. Moreover, today's drop occurred on heavy volume, signaling that larger market participants drove the selling.📖

Let’s identify three major price levels on Tesla’s chart where the shares could encounter support and also locate a key overhead area to watch du💦ring future upswings.

Major Support Levels to Watch

The first major support level to watch sits around $265. The shares may attract buying interest in this region near a range of trading activity within the rising wedge pattern and several peaks that🌊 developed on the chart last year between July and October.

A close below this level could see the shares fall to $215. This area may provide support near a 澳洲幸运5开奖号码历史查询:horizontal line that connects a series of 澳洲幸运5开奖号码历史查询:price action on the chart stretching back to last July. The location also closely aligns with a projected bars pattern target that takes the stock’s steep move lower from late March to early April and repositions it from the rising wedge pattern’s 澳洲幸运5开奖号码历史查询:breakdown point.

Tesla bulls’ failure to defend this major level opens the door for a retest of lower support at $170. Investors may view this area as a potential trading floor near a period of 澳洲幸运5开奖号码历史查询:sideways drift that formed on the💧 chart throughout May and June last year.

Key Overhead Area to Monitor

During upswings in Tesla’s share price, investors should closely monitor the $365 area. A recovery effort to this level could see investors look for 澳洲幸运5开奖号码历史查询:exit points near the top of the rising wedge pattern and minor peaks that emer💞ged on the chart in late November and mid-Februarꦓy.

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