Tesla stock targets $320 as rebound momentum fades
Tesla has moved into a correction after four consecutive sessions of gains, while yesterday’s inflation data failed to provide lasting support for the stock. Following the break below $327.50, the psychological $320 level becomes the next key support to watch.
According to documents reviewed by Business Insider, Tesla has proposed building a solar panel manufacturing facility in Texas at an estimated cost of $10.1 billion. The project, code-named Crystal Sun, is being considered for Fort Bend County, with commercial operations expected to begin in the first quarter of 2029.
Tesla plans to manufacture photovoltaic cells and finished solar modules at the facility. The project fits into Elon Musk’s broader strategy, under which Tesla and SpaceX are separately working to build U.S. manufacturing capacity capable of producing up to 100 GW of solar power equipment annually.
Correction could extend toward $320
The previously outlined scenario has fully played out. After testing resistance near $337, Tesla stock entered a correction and has already moved through the earlier $327.50 target.For the next session, the base-case scenario is a continued decline toward psychological support at $320.
If $320 fails to contain the selling pressure, the risk of a further move toward the next support near $314 would increase materially.
CPI fails to reverse the post-earnings structure
Even the market’s initially positive reaction to CPI was not enough to halt selling in Tesla stock.
For now, the price structure that formed after the July earnings report remains largely unchanged. The latest advance toward $337 still looks more like a technical rebound following the sharp post-earnings sell-off than the beginning of a broader recovery.
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