Tesla Looking Higher - Market Analysis for Sep 5th, 2024

TSLA Update: We discussed TSLA's setup yesterday afternoon: 

My attached 4-Hour Chart structurally has the right look of a developing potentially powerful 17-month bottom in and around 140-160 that is poised to make a run to challenge consequential intermediate-term resistance from 265 to 300... As long as any near-term weakness is contained above or within support from 200 to 204, the current setup points to a challenge of key nearer-term resistance from 225 to 227 that if (when?) taken out, will trigger a run at 265-268 thereafter... Last is 218.33...

Fast-forward to this AM, we see TSLA trading at 233.70 (+7% from the time of yesterday's update), owing mainly to news that the company plans to roll out its Full Self Driving capabilities in China and Europe during Q1, 2025 (see Seeking Alpha article below). My attached 4-Hour Chart shows this AM's vertical surge that has taken out the near-term August resistance line in the vicinity of 223.00, from where TSLA has thrust to and above the prior rally high at 226.85 (8/19/24) to this AM's high at 233.78 so far, en route to the challenge of the 7/30/24 rally peak at 235.98.

As long as any forthcoming weakness is contained above 223.00, my pattern work points TSLA to a next optimal upside target window of 250-254... Last is 233.29