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  • Tesla shares jump to highest level since September 2023

  • But the latest high was followed by back-and forth-sessions

  • Momentum indicators deteriorate but remain in positive areas

Tesla’s shares experienced a massive surge in late June, gaining more than 40% and storming to a fresh 10-month peak of 268.00 on July 7. However, the stock has been trading without a clear direction since then, with investors probably awaiting tomorrow’s Q2 earnings release for fresh guidance.

Should the stock move to the downside, the bears could attack 229.00, a region that acted both as support and resistance throughout last autumn. A violation of that region could set the stage for the February peak of 205.00, which overlaps with the 200-day simple moving average (SMA). Sliding beneath that floor, the price may then test the April high of 198.00.

On the flipside, if the price edges back higher, immediate resistance could be found at the November 2023 high of 252.50. Breaking above that ceiling, the price may challenge the recent 10-month high of 268.00. Even higher, the September 2023 peak of 278.00 could prevent further upside attempts.

In brief, Tesla’s stock has been undecided ahead of its earnings announcement on Tuesday. Therefore, the outcome of tomorrow’s report will most likely decide the stock's next move.