Tesla (TSLA) Stock Price Rises Above $400

According to the Tesla (TSLA) chart, the stock price increased by 2% on Monday, closing above the key psychological level of $400.

Bullish sentiment was driven by Morgan Stanley analysts raising their target price for Tesla (TSLA) from $400 to $430, citing the company's "highly promising" progress in autonomous vehicle (AV) technology.

From a technical analysis perspective, this upward move is notable. Applying a linear regression trend channel from early November, when Tesla’s stock began a sharp rise following news of Trump’s victory (supported by Elon Musk), reveals:
→ a reversal upward from the lower boundary of the trend channel;
→ the potential for an upward breakout through the resistance of the red descending trend line, which formed as the price declined from the record high near $488 on December 18.

This suggests that bulls may be attempting to resume movement within the regression channel. If successful, a reasonable target could be the median line of the channel, implying a potential price increase towards $450, with resistance at $426 being a key level to watch.

According to TipRanks:
→ 13 out of 34 analysts recommend buying TSLA stock.
→ The average 12-month price target for TSLA is $323.56.