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Key Takeaways

• Tesla shares are trading at their highest levels since January after gaining ground for five straight days, with the latest boost coming from news that CEO Elon Musk had purchased about $1 billion worth of the company's stock. 
• The stock broke out from a four-month symmetrical triangle last week, setting the stage for a continuation move to the upside.
• Investors should watch a crucial overhead area on Tesla's chart around $489 and major support levels near $367 and $330.

Tesla (TSLA) shares are trading at their highest levels since January after gaining ground for five straight days, with the latest boost coming from news that CEO Elon Musk had purchased about $1 billion worth of the company's stock. 

The stock, which moved back into positive territory for 2025 on Monday, has seen its shares surge recently amid Optimism about the company’s robotics prospects and signs of progress in rolling out its autonomous driving technology. For much of the year, the stock had been the weakest performer among members of the Magnificent Seven group of mega-cap tech stocks, weighed down by slumping demand for EVs and investor concerns about Musk’s extensive work with the Trump administration.

Tesla shares were up about 1% at $414 in early trading Tuesday. The stock gained 18% over the previous five days and came into today's session up 1.5% for the year. Tesla shares have staged a remarkable recovery after being down as much as 45% from their end-2024 level in April.

Below, we take a closer look at Tesla’s chart and use technical analysis to identify price levels that investors will likely be watching.

Symmetrical Triangle Breakout Signals Upside

Tesla share broke out from a four-month symmetrical triangle last week, setting the stage for a continuation MOVE to the upside. Importantly, above-average volume has accompanied the recent buying, indicating conviction from larger market participants.

Meanwhile, the relative strength index confirms bullish price momentum, though the indicator also flashes extreme overbought conditions, heightening the chances of near-term pullbacks.

Let’s identify a crucial overhead area on Tesla’s chart to watch if the shares extend their rally and also point out major support levels worth monitoring.

Crucial Overhead Area to Watch

If Tesla shares continue to gain momentum, investors should watch how the price responds to the $489 level. This area on the chart WOULD likely attract significant attention near the stock’s all-time high in December.

It’s worth noting that this location also closely matches an upside measuring principle price target, which calculates the percentage change of the symmetrical triangle NEAR its widest section and adds it to the pattern’s top trendline value at the breakout point.

For example, we apply a 37% increase to $357, which forecasts a target of $489.09, implying a near 20% gain from Friday’s closing price.

Major Support Levels Worth Monitoring

During retracements in the stock, it’s initially worth monitoring the $367 level. The shares could encounter buying interest in this location near the top of the symmetrical triangle and a brief countertrend high in February during the stock’s strong downtrend earlier this year.

Finally, Tesla bulls’ failure to successfully defend this major level could see the price revisit lower support around $330. Investors may place buy limit orders in this region near the closely aligned 50- and 200-day moving averages, which sit positioned near a trendline that stretches back to last November.

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