Tesla's upcoming Robotaxi launch: stock trading idea 8/04/24

Tesla Inc. is gearing up for a significant reveal on 8 August this year, as it plans to introduce its much-anticipated robotaxi. This move comes at a time when the company is navigating sluggish sales and increasing competition from more affordable Chinese electric vehicles. Elon Musk, the CEO of Tesla, announced on his social media platform, X, the upcoming unveiling of the robotaxi.

Tesla has long been ambitious about its vision of a fully autonomous vehicle, first presented to investors in 2019. Recently, Tesla has rolled out the latest iteration of its driver assistance software, marketed as Full Self-Driving (FSD), to its consumer base.

Given this backdrop, let's delve into Tesla Inc.'s stock (TSLA) to scout for potential trading opportunities:

Analysing the Daily (D1) chart, a support level is identified at 160.51 USD, with resistance at 182.87 USD. A breakout above this resistance level could signify the start of an uptrend.

On the Hourly (H1) chart, initiating long positions becomes attractive upon breaching the 182.87 USD mark, targeting a short-term objective of 205.06 USD. For those looking at a medium-term investment, maintaining a long position until reaching 233.87 USD could be viable.

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