Tesla (TSLA) shares tumbled 15% on Mon♊day to lead S&P decliners, closing below their Election Day level for the first time.

Shares in the electric vehicle maker soared after Donald Trump's victory in the Nov. 5 presidential election amid expectations that CEO Elon Musk's close relationship with the president would benefit the company. However, since hitting an all-time high on Dec. 18, the stock has plunged 55% amid mounting investor concerns that Musk’s role as leader of the Depa𒈔rtment of Government Efficiency could hurt the Tesla brand and sales. Recent sales numbers from China and Europe have been weak, while uncertainty about the impact of tariffs on automakers also weighs on sentiment.

The stock, which has lost ground in 澳洲幸运5开奖号码历史查询:each of the last seven weeks, fell an additional 3% in extended trading Monday after Musk said in an interview with Fox Business that he is running his businesses “with great difficulty.” Nonetheless, Musk added that he expects to remain in the Trump administration for another year.

Below, we break down Tesla’s 澳洲幸运5开奖号码历史查询:weekly chart and apply 澳洲幸运5开奖号码历史查询:technical analysis to point out key price levels worth wa♔tching out for amid the stock’s heighted volatility.

Stock Falls Below 200-Week Moving Average

Since a 澳洲幸运5开奖号码历史查询:shooting star marked the stock’s record high in mid-December, Tesla shares have trended sharply lower, with the price falling below the closely watched 澳洲幸运5开奖号码历史查询:200-week moving average in Monday’s trading session.

Moreover, increasing volumes have accompanied the recent drop, signaling selling participation by larger market players, such as 澳洲幸运5开奖号码历史查询:institutional investors and hedge funds.

While the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bearish momentum 🌠with a reading below 50, the indicator has moved into a region that has typica✅lly corresponded with bounces in the stock stretching back to May 2022.

Let’s identify several key 澳洲幸运5开奖号码历史查询:support and resistance levels on Tesla’s ch👍art ಞthat investors may be monitoring.

Key Support Levels to Monitor

Tesla shares fell 15.4% to close Monday's regular trading session at $220.15.

The first level to track sits around $215. This area, currently near Tuesday's projected opening price, could find support from a series of lows from May to July 2022 and the "shoulders" of an 澳洲幸运5开奖号码历史查询:inverse head and shoulders p📖attern that formed on the chart over a twelve-month period between October 2023 and 2024.

Further downside could see the shares tumble to the $165 level. Investors may seek buying opportunities in this region near the April 2023 pullback low, which also closely aligns with an array of prices p🏅ositioned just above the bo♛ttom of the inverse head and shoulders pattern.

Major Resistance Levels to Watch

During recovery efforts in the stock, it’s worth watching how the price responds to the $265 level, a location on the chart that may provide overhead resistance near the inverse head and shoulders' neckline.

Finally, a convincing close above this level could see Tesla shares revisit the 澳洲幸运5开奖号码历史查询:psychological $300 area. Investors who have bought recent weakness may look to 澳洲幸运5开奖号码历史查询:lock in profits near a range of prominent peaks that developed on the chart betw𝔍een Jan𝓀uary 2021 and July 2023.

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