Tesla shares are rallying, up $15.52 or 4.46% at $363.30. The surge is drawing attention to a key topside target zone, marked by the February 19 high at $367.34 and the May 29 high just above at $367.71. This area will be pivotal for near-term direction.
A break above $367.71 would open the door to further bullish momentum and confirm a stronger upside bias from a technical perspective. The next major target sits at the 61.8% retracement of the decline from the December all-time high of $488.54, which comes in at $383.76. A push through that retracement level would significantly broaden the bullish case and set up the potential for an even deeper rally.
Conversely, if sellers lean against the $367.34–$367.71 zone and the rally stalls, it would reinforce this band as a formidable resistance level, leaving the stock vulnerable to a rotation back to the downside on disappointment.
Looking at the bigger picture, Tesla shares are still down 10.22% year-to-date after closing 2024 at $403.84. However, the latest rebound has been notable—the stock is now up 68.5% from its April 7 low, highlighting the strength of the recovery despite the broader downtrend for the year.
On the downside, close support is near $356.25. Below that, the 50% midpoint at $354.39 if broken would give sellers even more confidence the high is in place.
Yesterday, the race for the world’s richest person took an unexpected twist Wednesday as Oracle co-founder Larry Ellison briefly overtook Elon Musk after Oracle shares surged more than a third in early trading. The rally stalled, and by day’s end Musk regained the top spot with a net worth of $384.2 billion versus Ellison’s $383.2 billion.
Today with Teslas shares moving sharply higher and Oracle's shares down -3.12% on the day, Musk has a little more breathing room.
