Tesla Stock Gains 3.7% as Musk Teases Flying Car Prototype
Elon Musk's hint about a Tesla flying car prototype sparked investor enthusiasm, boosting TSLA shares by 3.7%. As of November 3, Tesla stock traded at $456.06, rising 3.7% in the last 24 hours. The intraday high was $457.65, with a low of $443.82, and the stock opened at $446.57.
Stock Performance and Technical Indicators
- Tesla shares climbed 3.7% following Musk's comment about the company’s "most memorable product," a future flying car prototype.
- The stock maintains a bullish pattern, trading above its 50-day and 200-day moving averages.
- A breakout above $480 could push Tesla's stock toward $500–$520 by year-end, while a fall below $430 risks a decline to $400.
Support and Resistance Levels
Tesla continues to hold a strong upward trend, with prices above the 50-day simple moving average (SMA) near $430 and the 200-day SMA around $400, signaling sustained medium to long-term growth confidence.
Support levels lie between $430 and $440, supported by the 50-day SMA and recent trading lows, where buyers typically enter to limit downside risks.
On the upside, resistance is expected between $470 and $480—an area that has previously capped gains and coincides with psychological resistance and options activity, potentially causing temporary pauses or profit-taking.
Elon Musk described the flying car prototype as Tesla’s "most memorable product."
Author's summary: Tesla’s stock rose sharply after Elon Musk teased a flying car prototype, reinforcing a bullish trend with key technical levels pointing to possible gains near $500 year-end.