Tesla (TSLA) Shares Rebound on Musks Comments
According to media reports, speaking via video link at the Qatar Economic Forum, Elon Musk stated that he plans to:
remain Teslas CEO for another five years;
reduce his focus on politics, saying he feels he has already done enough;
increase his stake in the company from 12.5% to 25%.
These comments, which came alongside news that Tesla will begin testing robotaxis in Texas in June, sparked renewed interest in Tesla (TSLA) shares. TSLA stock outperformed other MAG7 members, climbing above the $353 mark at yesterdays peak its highest level since late February 2025.
Just ten days ago, when the price was still below the psychological $300 level, we highlighted TSLAs strength following its rebound from the $220 support area and suggested a bullish outlook. But is the picture still as optimistic today?
Technical Analysis of TSLA Chart
The chart shows that TSLA is trading within an ascending channel (highlighted in blue), with the price currently near the upper boundary an area that often acts as resistance. Price action supports this: note the two large candlesticks with closes near their lows (indicated by arrows), suggesting strong bearish pressure.
This gives reason to believe that sellers may take advantage of the roughly 22% rise in the TSLA stock price to lock in profits a potentially bearish signal. Traders should therefore consider a correction scenario in which the local support at point Q could be tested for resilience.
Read more: https://fxopen.com/blog/en/oa-tesla-tsla-shares-rebound-on-musks-comments/
Text source: Forex Trading Blog
