- Summary:
- The picture on the daily chart indicates that a confirmation of the triple top could lead to Tesla stock price falling to $564.
Tesla stock price opened sharply lower this Monday but is clawing back losses after the company announced it was introducing a subscription-based “full self-driving capability” assistance software. This enables drivers to opt-in to the use of a fully self-driving software option for their Tesla cars. The monthly fees are $199 for the enhanced version and $99 for the basic version.
This subscription option presents a cheaper way of getting access to the service, which hitherto cost an upfront payment of $10,000. However, Tesla is warning that the present features on its Tesla cars do not make the vehicles autonomous. The company advocates drivers keep their hands on the wheel and remain “fully attentive.”
Tesla is currently battling at least one wrongful death suit and an investigation from US automobile regulators over several accidents involving Tesla cars over its auto-pilot features.
Technical Outlook for Tesla
Tesla stock price is testing the neckline of the triple top pattern on the daily chart. A breakdown of this neckline at 628.35 completes the pattern and opens the pathway for a measured move to 564.57. This move must take out 600.84 to be completed.
On the flip side, a bounce on the neckline allows for the price to aim for 654.12. If this level is taken out, 693.75 becomes the new target, thus invalidating the pattern. 725.47 is an additional target to the north if Tesla stock price keeps advancing.
Tesla: Daily Chart
