(MENAFN- Daily Forex)

• Tesla looks like it is going to open higher in reaction to the pre-market trading, which is a good sign that we will be able to hang on to the overall uptrend. After all, the market has seen a rough couple of sessions, but the fact that it is showing so much in the way of resiliency is a good sign.

Heading Back to the Highs?

Ultimately, I do think that we will probably try to get back to the highs near the $475 level, but I also recognize that we probably have a lot of volatility ahead still, and we could in fact start to fall from here. If we do, then I think the floor is at the $400 level, but let's be honest here, Tesla is widely held by large firms, and if you have anything along the lines of a retirement account that has mutual funds, ETFs in it, you probably own some Tesla. That is part of what makes it so buoyant because so many people weren't involved, it becomes a self-fulfilling prophecy. We are close to the recent swing high at the end of 2024. So maybe we need to spend some time going sideways overall. But I do think ultimately, we will probably go to the upside. The next earnings and revenue calls are on the 22nd.

So, we've got about three weeks for that. About two and a half to three weeks. So that means that we probably have a lot of back and forth, maybe a general drift to the upside between now and then the real prize will be $500. The question is, can we get there anytime soon? Maybe the earnings call is that catalyst, but between now and then I prefer to buy dips, and I look at $400 as a very important support level.

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