{"id":6062,"date":"2024-10-02T09:47:13","date_gmt":"2024-10-02T09:47:13","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=6062"},"modified":"2025-05-13T13:49:42","modified_gmt":"2025-05-13T13:49:42","slug":"tesla-on-the-verge-of-breaking-out-of-cup-and-handle","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/tesla-on-the-verge-of-breaking-out-of-cup-and-handle\/","title":{"rendered":"Tesla On the Verge of Breaking Out of Cup and Handle"},"content":{"rendered":"\n

The Tesla stock (TSLA) has been a huge talking point for a good part of 2023, where it saw a meteoric rise from approximately $100 dollars to $300 dollars.<\/p>\n\n\n\n

But, for a good part of 2024, it\u2019s been largely forgotten and thrown to the wayside. However, is it finally time to pay closer attention to the stock?<\/p>\n\n\n\n

The technicals tell us that TSLA may be gearing up for a breakout for a multimonth Cup and Handle pattern<\/a>. This bullish breakout potential is further spurred on by the fact Tesla has already broken out of (and retested) a multiyear descending channel.<\/p>\n\n\n\n

In today\u2019s analysis, we\u2019ll break down the levels to look at, and also the scenarios which could ensue in the Tesla stock.<\/p>\n\n\n\n

Tesla\u2019s Cup and Handle Pattern on the Daily Timeframe<\/h2>\n\n\n\n

In late 2023, the Telsa stock was once again rejected from the top of the descending channel, at approximately $255 dollars.<\/p>\n\n\n\n

Then, it fell towards the $140 region in April, only for the price to finally break out of the multiyear channel, and retest it.<\/p>\n\n\n\n

The price action recorded in 2024 has amounted to the creation of a Cup and Handle, which is a bullish breakout chart pattern. The target of such a breakout would be approximately $385.00 dollars.<\/p>\n\n\n\n

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With such an exciting prospect, traders may be now flooding into the market with long buy positions \u2013 however, it\u2019s important to remember that the Cup and Handle\u2019s neckline is not yet broken, and would technically act as a resistance level.<\/p>\n\n\n\n

Here are the resistances and potential take profit zones to mind, should the Cup and Handle breakout:<\/p>\n\n\n\n