Can Tesla sustain its breakout above $337.50?
Tesla extended its rally despite previous expectations, decisively clearing resistance at $337.50. Fresh Roadster developments provided additional support to sentiment, although the sharp advance has also produced the first technical signs of fading momentum.
Tesla could unveil the long-awaited Roadster as early as this month. According to The Information, the company plans to demonstrate a version of the vehicle equipped with SpaceX-developed cold-gas thrusters at SpaceX’s facility in McGregor, Texas. The demonstration vehicle is expected to operate without a driver and be controlled remotely.
Doji candle raises correction risk
Contrary to previous expectations, Tesla stock advanced to $351.26, decisively breaking through resistance at $337.50. However, a doji candle formed on the daily chart after the August 14 session on relatively elevated volume, pointing to some loss of conviction among buyers.
The key level for the next session is $337.50. A move back below this threshold followed by a sustained hold could trigger a correction toward $327.
If buyers can instead defend $337.50 as support, the stock could extend its advance toward $373, where an unfilled gap from the quarterly earnings report remains.
Chinese hedge fund rotation adds a fresh sector risk
A shift in positioning among large Chinese hedge funds adds another external risk factor. According to a South China Morning Post report published on August 17, several major Chinese asset managers substantially reduced their positions in U.S. hyperscalers during the second quarter.
For Tesla, this represents a sector-level risk through broader market sentiment and could eventually strengthen selling pressure.
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