During Friday’s trading session, Tesla shares briefly rose above the $300 mark — the first time in over two months. Although the daily candle closed below this key psychological level, TSLA still outperformed the broader stock market.

This move was supported by:

→ Investor approval of Elon Musk’s late-April pledge to spend less time on the Department of Government Efficiency (DOGE) and focus more on his role at the company.

→ A recent announcement from the Trump administration regarding a trade deal with the UK, alongside hints that more agreements may follow — potentially alluding to US-China negotiations.

Technical Analysis of TSLA Shares

In our previous analysis of TSLA’s stock price, we:

→ Highlighted the key support level around $220, which prevented deeper declines in early April even as broader indices saw more bearish trends;

→ Identified a descending channel (marked in red).

This channel remains relevant for now, but the price has already approached its upper boundary. It’s reasonable to assume that this level could act as resistance — similar to the midline of the channel (as indicated by arrows) — especially when reinforced by the psychological $300 level.

However, bulls may find strong support from any further details on a US-China trade deal (as discussed earlier today). A bullish breakout of the red channel in the coming days cannot be ruled out, potentially confirming the relative strength of TSLA stock and extending the trajectory marked by the blue lines.

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