Tesla advances in autopilot for robotaxis. Trading idea 13/03/24
Renowned US expert James Douma has expressed optimism regarding Tesla's autopilot development. Douma's insights are highly valued as an engineer specialising in neural networks and artificial intelligence (AI), mainly because he actively tests Tesla's autopilot functionality across various conditions. His commentary typically garners significant public attention. Notably, Tesla has transitioned to using neural networks in its autopilot, significantly expediting the development of its next-generation autonomous driving system.
Given these advancements, let's look closely at Tesla Inc. (TSLA) stock performance.
On the daily (D1) timeframe, a support level has been established at 173.70, with resistance at 204.52. There is a noticeable slowdown in the downward trend, with stock prices fluctuating within the channel between these resistance and support levels.
For the hourly (H1) timeframe, long positions may be favourable upon rebounding from the 173.70 level, targeting a short-term goal of 223.41. From a medium-term perspective, holding a long position up to 241.58 could be considered.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Given these advancements, let's look closely at Tesla Inc. (TSLA) stock performance.
On the daily (D1) timeframe, a support level has been established at 173.70, with resistance at 204.52. There is a noticeable slowdown in the downward trend, with stock prices fluctuating within the channel between these resistance and support levels.
For the hourly (H1) timeframe, long positions may be favourable upon rebounding from the 173.70 level, targeting a short-term goal of 223.41. From a medium-term perspective, holding a long position up to 241.58 could be considered.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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