Tesla (TSLA) sha𒈔res jumped more than 4% on Wedne🦩sday, bucking a broader downturn for large-cap technology stocks.

Although Tesla shares have gained around 25% over the past three months, they have remained in a holding pattern since late July as investors wait for further updates about the company’s vehicle deliveries, its eagerly-anticipated robotaxi event, and third-quarter earnings, all of which are expected next month.

Below, we take a closer look at Tesla’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identify important price levels to watch out for on the road ahead. Telsa shares rose 4.2% Wednesday to close at $219.41.✤

Symmetrical Triangle Takes Shape

After breaking out above a multi-month 澳洲幸运5开奖号码历史查询:downtrend line in early July, Tesla shares consolidated for several weeks before reversing back below the indicator. More recently, the EV maker’s stock has traded within a 澳洲幸运5开奖号码历史查询:symmetrical triangle, indicating a pause in 澳洲幸运5开奖号码历史查询:price action before p♓otentially making another trending move.

Upon a decisive breakout or 澳洲幸运5开奖号码历史查询:breakdown from the pattern, investors should monitor several key cಌhart levels likely to attract attention.

Breakout Price Levels to Watch

A volume-backed breakout above the triangle and multi-month downtrend line could see the shares rally up to the $265 area, where they would likely meet overhead 澳洲幸运5开奖号码历史查询:resistance from the December and July 澳洲幸运5开奖号码历史查询:swing highs.

Further buying could drive a move up to around $300. This area on the chart would likely encounter significant resistance from a 澳洲幸运5开奖号码历史查询:horizontal line connecting multiple 澳洲幸运5开奖号码历史查询:peaks and troughs from December 2021 to July last year.

Breakdown Levels to Monitor

A breakdown below the symmetrical triangle could see an initial fall to the $185 level, an area likely to encounter buying support near the neckline of an 澳洲幸运5开奖号码历史查询:inverse head and shoulders pattern that formed on the chart&nღbsp;between February a♍nd June.

Ongoing weakness in the stock may spark a decline down to the $152 region, an area on the chart where bargain hunters may look for buying opportunities near the April 2023 澳洲幸运5开奖号码历史查询:swing low, which also coincidentally sits just above the April 2024 sw♛ing low.

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