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Tesla stock up nearly 7% in U.S. premarket trading

by admin November 20, 2024
November 20, 2024
Tesla stock up nearly 7% in U.S. premarket trading

Tesla shares surged nearly 7% in premarket trading Monday following a Bloomberg report indicating that the incoming Trump administration plans to prioritize federal regulations for self-driving vehicles. This potential policy shift would mark a significant step in creating a national framework for autonomous driving technologies, benefiting companies like Tesla that are at the forefront of innovation in this space.

Musk has been a vocal supporter of Trump’s return to the presidency and recently accepted a key role in the administration. He was appointed, alongside Vivek Ramaswamy, to lead the Department of Government Efficiency (DOGE), a newly created entity tasked with streamlining bureaucracy and reducing regulatory hurdles.

The timing of this development aligns with Tesla’s unveiling of new autonomous vehicle concepts, including the Cybercab and Robovan. Musk also announced plans to deploy unsupervised Full Self-Driving (FSD) technology in select Tesla models in California and Texas next year, signaling the company’s rapid advancements in this field.

If a cohesive federal framework emerges, it could accelerate adoption of self-driving technology, further solidifying Tesla’s leadership position. Investors appear optimistic about Tesla’s potential to capitalize on these favorable regulatory winds, driving the stock’s strong premarket performance.

Tesla Stock Chart Analysis

The Tesla Inc. (NASDAQ: TSLA) chart displays a clear upward momentum starting on November 6, with the stock climbing sharply from the $260-$280 range to a peak of $358.63 on November 9. This rally coincided with news that Tesla might benefit from federal regulations prioritizing self-driving vehicle technology, as discussed earlier.

After reaching its high, Tesla’s stock experienced a pullback, indicating profit-taking by investors. The stock found support around $320 and has been consolidating near the $340 level in recent sessions, suggesting that traders are awaiting further catalysts for direction.

The Relative Strength Index (RSI) shows a recent dip from the overbought zone (above 70), now sitting at a neutral level near 54. This signals a balanced market, with neither strong bullish nor bearish momentum dominating.

In the near term, the $320-$322 level appears to be a key support area, while $358 represents resistance. A breakout above $358 could lead to further bullish momentum, potentially targeting $375 or higher. Conversely, a drop below $320 could lead to a test of the $300 psychological support.

Overall, Tesla’s current consolidation phase reflects a period of indecision. Investors may look to developments in regulatory policies or Tesla’s product updates to determine the next significant move.

The post Tesla stock up nearly 7% in U.S. premarket trading appeared first on FinanceBrokerage.

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