Nathan BatchelorTesla share price is testing towards the best levels of the month so far, after US indices started to rally at the start of the trading week.
Tesla share price analysis shows that a new bullish price trend could start if price moves above the $837.00 resistance level.
Tesla medium-term price trend
Tesla’s stock price is testing towards the May monthly price high, as bullish sentiment starts to spread through US equity markets.
Tesla share price analysis shows the value of the electric car maker could surge if the $837.00 resistance level is overcome.
Tesla stock technical analysis shows that price could rally above the $1,000 level if a triangle pattern breakout on the daily time frame is confirmed.
The daily time frame shows that price is trapped within a large symmetrical triangle pattern, between the $700.00 and $837.00 level.
A breakout from the triangle pattern could cause Tesla’s stock to surge past its current all-time price high, around the $960.00 level, and test the $1,000 level.
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Tesla short-term price trend
Tesla stock analysis over the short term shows that buyers are in control while the price trades above the $640.00 level.
The lower time frames currently show that a large head and shoulders pattern remains valid while price trades below the $840.00 level.
The neckline of the head and shoulders pattern is currently located around the $670.00 support level.
According to the size of the bearish head-and-shoulders pattern, Tesla’s share price could decline below the $500.00 level over the short-term.
It is also worth considering that if price moves above the $840.00 level, and the pattern is invalidated, then Tesla’s share price could surge towards the $1,000 level.
Tesla technical summary
Tesla stock analysis highlights that the electric car maker’s share price could stage a major breakout if price moves above the $837.00 to $840.00 technical area.
