Tesla rally faces key $368 test ahead of Cybercab event
Tesla stock played out the bullish scenario outlined earlier, holding above the 50-day SMA and rising toward resistance at $368. The next move now depends on whether buyers can clear this level.
Tesla expanded its driverless Robotaxi service area in Austin by roughly 9%, increasing its operating footprint from 264 to 288 square miles. The expansion marks another step in scaling the company’s autonomous-driving business ahead of the public Cybercab event on September 3.
At the same time, Tesla has been actively adding Cybercabs to Texas’ official autonomous vehicle registry. According to updated data as of August 31, the number of registered vehicles reached 45, reinforcing expectations ahead of this week’s event.
Against this backdrop, Tesla stock finished August 31 up 5.51% at $367.95 and gained more than 18% over the month. Investor attention is becoming increasingly concentrated on Robotaxi and the upcoming Cybercab launch.
Tesla needs a $368 breakout to reach $373
Tesla stock followed the setup outlined earlier, extending its advance and holding above the 50-day SMA near $360. Buyers, however, lacked enough momentum to reach the medium-term target at $373, with the rally stalling near important resistance at $368.
This level now becomes the key reference point for the coming sessions. A decisive break and sustained move above $368 would materially increase the probability of a further advance toward $373, where an unfilled post-earnings gap remains.
If the stock fails to clear $368 and begins to lose momentum, the probability of a retest of the 50-day SMA near $360 from above would increase.
Cybercab event could determine the next impulse
Sentiment around Tesla is currently being supported largely by expectations surrounding the September 3 Cybercab event, which could keep volatility elevated over the next several sessions. Part of those expectations, however, is already reflected in the stock’s strong August rally.
As long as the price remains above the 50-day SMA, buyers retain the advantage. A break above $368 would open the way toward $373, while another rejection at resistance would shift attention back toward $360.
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