Technical analysis, price predictions and news on Tesla stock for week ending 05/08/2021. Tesla showed further weakness this week as it gradually drifted lower. It dropped below key support of the 50DMA and is now trading below it for several days now. To the downside, there is considerably strong support at around the $640 level. I would be really surprised if Tesla broke below this level. If it does break below, it would be breaking a long term uptrend that it has been trading in since August 2020. The next keys support would come in at around $576 which is the 200DMA. To the upside, Tesla will find resistance at the 50DMA at around $680. A break above this level and we are likely to see Tesla make a higher high. But first it must break the $700 level, then breakout above its previous high at around $775.
Tesla news this week includes:
- Miami Mayor Suarez sees Tesla Robotaxi launching there as early as 2022
- Tesla demand is through the roof, already sold out this quarter