Can Tesla Keep Building Upon Massive Ongoing Rally? These Levels May Hold the Key

Stocks Analysis by Investing.com (Günay Caymaz) covering: Tesla Inc. Read Investing.com (Günay Caymaz)'s latest article on Investing.com

Tesla's stock soared 75% post-Q1 earnings, driven by Elon Musk's announcements and positive developments like the Tesla Bot and Robotaxi.

More recently, the Chinese government added Tesla's cars to its official purchase list for the first time, which is expected to have a positive impact on the company's revenues. However, a swift recovery ensued shortly thereafter, driven by contrarian buys. Tesla's earnings report on April 23 marked the beginning of this rebound.

The stock tested the upper band of the channel three times over the past year and continued its downward trend following each test. However, a strong rebound this time caused a breakthrough above the upper channel line.

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