The company has taken the unusual step of calling on volunteers to promote the brand. They’ve also offered discounts on the Model S and charging credits to entice buyers.
It remains unclear whether this will further bolster Tesla stock. The negative sentiment that has plagued TSLA eased up slightly over the few weeks. After hitting a five-month low on Sept. 7, the stock has shot up. The stock has risen by about 23% from the intra-day low on that day. Now that the stock has moved north of $310 per share, observers wonder what it will do next.
In that zone now, it’s imperative that we stay above this $300 mark. A break below will likely send shares back down to the 20-day moving average, at the very least. It could run into resistance soon, though, with the 50-day moving average at $312, the 100-day at $313 and the 200-day at $316. Making matters worse, there’s a notable downtrend line that comes into the picture just under $320.
So while the $300 to $310 range is significant, Tesla stock will have plenty of hurdles to clear in the $310 to $320 range.
The good news? If it can do so, there are “air pockets” that it can run higher to. Specifically, there’s a gap near $333 and another near $345 that Tesla stock could run to, while an extended run could take it to $360.
Also worth pointing out is that, on the weekly chart shown below, the 200-week simple moving average continues to act as strong support. So those looking at a longer time frame should keep this level in mind. A close below this mark would likely come amid a significant decline in investor sentiment, while also creating some critical technical damage.
