Tesla Share Price Could Breach $725 As Model S and Model X Prices Go Up

Published by

Written By: Eno Eteng (MSTA)

Reviewed By: Eno Ikenna Eteng

Aug 04, 2021, 23:59 BST 23:59

Summary:

The Tesla share price opened the New York session higher, as the company implemented a price increase on its Model S and Model X brands.

The Tesla share price has opened slightly higher this Wednesday. This scenario followed the raising of prices of its Tesla Model S and Model X vehicles.

The news first broke on EV magazine Electrek. The price hikes affect the model in the US and China, which happen to be the product’s most important markets. However, the vehicles sold in China would see a smaller hike, about $4,637.

The price increases have now raised the cost of the Model S and Model X (both long-range versions) to $89,990 and $99,990 in the United States. The company is yet to begin deliveries of the Model S Long-Range vehicle, with March-April 2022 now being outed as a potential release period.

Tesla Share Price Outlook

The Tesla share price looks set to challenge resistance at 725.47. A break above this point targets 743.70, leaving 779.23 (14 April high) as an additional upside target.

On the flip side, bears would be seeking a decline below the ascending trendline and a further breakdown of 654.12. This move would clear the pathway for a run towards 628.76, with 600.84 serving as an additional downside target.

Written By: Eno Eteng (MSTA)

Reviewed By: Eno Ikenna Eteng

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.