(MENAFN- Daily Forex)

• Tesla gained around 3% on Monday, breaking to a fresh high as momentum continued to drive the market.
• While resistance sits near $480 and $500, buyers remain active on dips, keeping the bullish trend intact.

Tesla has seen a bit of positive momentum during the trading session on Monday as it gained roughly 3% and broke out to a fresh new high. That being said, it's worth noting that the $480 level is still offering a bit of a ceiling, and if we can break above there, then I think it opens up the gateway to $500. A short-term pullback at this point could open up a move to the $440 level, where I would expect to see a significant amount of support. If the market were to break down below there, then it's likely that we would go looking at the 50-day EMA at the $416 level.

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With that being said, it's really not until we break down below the $400 level that I think the trend would change, and short-term pullbacks should continue to have people coming into Tesla looking for value in more of a buy-on-the-dip type of scenario. Ultimately, the market for Tesla has been momentum-driven, and I don't see that changing anytime soon. It's worth noting that the most recent earnings call was a little bit of a miss, but despite that, the market has actually rallied. So given enough time, it's likely that the market could go looking to the $500 level, which should be a large, round, psychologically significant figure that will be difficult to break above.

If we were to turn around and break down below the $400 level, it would be catastrophic for Tesla, and we could see the market drop down to the 200-day EMA at the $350 level. Ultimately, though, this is a market that looks very bullish, and I have no interest in shorting it, as I believe Tesla will not only reach $500 but could very well go higher, breaking above that $500 level and perhaps kicking off the next leg higher from here.

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