Austin: Tesla (TSLA) shares rose nearly 5 percent on Monday, turning positive for the year, after several analysts identified key developments that could drive the stock's near-term momentum. Barclays pointed out that Tesla is well-positioned to surpass expectations for third-quarter vehicle deliveries, set to be announced on October 2, thanks to improving global economic conditions and increasing electric vehicle (EV) demand in China, Tesla's second-largest market.
Tesla's stock, which hit its highest level in early July 2024, experienced a 33 percent decline before finding support from a previous downtrend and the neckline of an inverse head and shoulders pattern. Since then, the company's shares have rebounded, recovering most of those losses, with gains accelerating in recent sessions. Additionally, Tesla's 50-day moving average crossed above the 200-day moving average in July, forming a golden cross, a bullish technical signal that typically predicts higher prices.
Meanwhile, Bank of America and Goldman Sachs have identified Tesla's upcoming robotaxi day on October 10 as another potential catalyst for the stock. Goldman Sachs hinted that Tesla might reveal a more affordable vehicle during the event, which could further boost investor confidence.
Tesla's stock closed at 250.00 dollars on Monday, reflecting a 4.9 percent increase. Investors will be closely watching key technical levels as Tesla continues to trend upward, with anticipation building around upcoming announcements.
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