Tesla Stock Retests Support After Breakout This Week

Tesla, Inc.  shares rose more than 5.6% on Monday after Elon Musk suggested at the SXSW festival in Austin, Texas, that self-driving technology could become ubiquitous much sooner than expected. In particular, Musk believes that self-driving cars will be able to handle all modes of driving by the end of next year and suggested that his company’s AutoPilot technology could prove safer than human drivers within two years.

The breakout higher came despite a temporary suspension in Model 3 production late last month. While the company is targeting 2,500 units per week by the end of the first quarter and 5,000 units per week by the end of the second quarter, the production suspension could result in lower-than-expected deliveries during the first quarter. The positive news is that improvements in automation could make future production numbers more sustainable. (See also: Tesla Suspended Model 3 Production for a Week in Feb: Report.)

Tesla shares moved sharply higher on Monday follow Elon Musk’s comments at SXSW, but traders will be watching these key levels. …read more

Read more here: Tesla Stock Retests Support After Breakout This Week

Category: TSLA

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