Tesla (NASDAQ: TSLA) stock trades higher in Wednesday’s pre-market session, with investors repositioning themselves ahead of the much-awaited robotaxi launch in Austin, Texas. The stock hit $347 at the time of writing, with CEO Elon Musk’s departure from the Department of Government Efficiency (DOGE) providing a bullish undercurrent.
Tesla’s struggles in the first quarter of the year were partly attributed to Musk’s closeness with Trump at a time when the latter’s hard-hitting trade tariff policies have increasingly become unpopular. The geopolitical weight on Tesla was typified by a 37% decline in European sales figures in the first quarter of the year.
However, that weight has been steadily shifting on the back of Musk’s departure from DOGE, and will likely rest on the robotaxi test trials. The company has somewhat managed to convince many of its investors that its not just a vehicle manufacturer, but a tech company too. While that elevates its performance outlook in theory, the reality of the test drives could potentially come with some setbacks.
Tesla is expected to roll out its robotaxi trials from June 12, and that has diverted attention from its declining sales and tightening competition for markets in Europe and China. Musk’s DOGE exit also provides tailwinds, as it frees up more of his time to focus on the company. It was widely reported last week that shareholders are demanding that he commits to a 40-hour workweek as a condition to the company’s board’s review of a new compensation package. However, that has not yielded anything solid yet.
Tesla Stock Price Prediction
Tesla stock price pivots at $346.00 and action above that level signals bullish control. The stock will likely meet the first resistance at $347.60. However, an extended control by the buyers could go above that level and test $348.60.
On the other hand, going below $346.00 will shift the momentum to the downside. In that case, the first support will likely be at $345.00. Breaking below that level will invalidate the upside narrative. In addition, an extended control by the sellers could send TSLA lower to test $34380.
The post Tesla Stock Price Forecast: $350 Support In Sight As Musk, Robotaxi Provide Propulsion appeared first in UK on InvestingCube.