Tesla (TSLA) shares surged Wednesday after spending several weeks in the s🐬low lane following a huge post-election rally.

The 8% gain Wednesday came as 澳洲幸运5开奖号码历史查询:weaker-than-expected inflation data boosted investor hopes that the Federal Reserve will be in a position to cut interest rates again, which would help boost demand for EV’s through cheaper 澳洲幸运5开奖号码历史查询:car financing costs.

Tesla shares are 12% below their mid-December high but have surged 70% since the early-November election, in part due to expectations that the EV maker’s self-driving robotaxi ambitions could ♐be fast-tracked under the incoming Trump administration.

Below, we take a closer look at the 澳洲幸运5开奖号码历史查询:technicals on Tesla’s 澳洲幸运5开奖号码历史查询:weekly chart and🧔 identify important p♔rice levels that investors may be watching.

Flag Pattern Signals Bullish Continuation

Tesla shares have trended sharply higher since breaking out from an 澳洲幸运5开奖号码历史查询:ascending triangle in early November.

More recently, the stock has consolidated within a 澳洲幸运5开奖号码历史查询:flag pattern, indicating a 澳洲幸运5开奖号码历史查询:continuation of the strong uptrend. In addition, the 澳洲幸运5开奖号码历史查询:50-day moving average (MA) sits poised to cross back above the 200-day MA to generate a bullish 澳洲幸运5开奖号码历史查询:golden cross, a chart event that signals a new move higher.

However, it’s also worth pointing out that 澳洲幸运5开奖号码历史查询:trading volumes have generally declined throughout the stock’s post-election rally, sugge✨sting that some larger investors may remain on the sidelines.

Let’s analyze Tesla’s chart to determine where the stock’s uptrend may be headed next and identify several key 澳洲幸运5开奖号码历史查询:support levels that may come into focus during 澳洲幸运5开奖号码历史查询:pullbacks.

Longer-Term Price Target

Investors can forecast a longer-term bullish 澳洲幸运5开奖号码历史查询:price target on Tesla’s chart by applying the bars pattern tool, a🦩 technique that analyzes prior trends to predꦗict potential future moves.

To do this, we take the stock’s strongly trending period from October 2019 to February 2020 that follows a similar breakout from an earlier ascending triangle and reposition it from November’s breakout. This projects a target of around $775, repre⛄senting about 80% upside from Wednesday’s closing price.

Key Support Levels to Monitor

During 澳洲幸运5开奖号码历史查询:retracements, investors should initially monitor the $300 level. This area could attract strong support near the 澳洲幸运5开奖号码历史查询:psychological round number and several peaks that formed on the chart between Augus𝓡t 2022 ꦑand July 2023.

Finally, selling below this level could see Tesla shares drop to around $265, a location on the chart where they may attract buying interest near the ascending triangle's top trendline, which may flip from an area of prior 澳洲幸运5开奖号码历史查询:resistance into future support.

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As of the date this article was written, the author does not own any of the above securities.