Tesla shares jumping as CEO Elon Musk is buying up $1 billion in shares. That stock now turning positive for the year. My next guest has been watching the charts on the stock and he sees a possible breakout ahead. Join me now for a look at the key levels to watch with Tesla is Fairlead Strategies Senior Technical strategist Will Tamplin. Will, it is good to see you. So, Tesla in the green, we've wiped out the year-to-date losses. Uh we turned to you Will for that technical take. You look at the charts, what do you see ahead for Tesla Will? Is this one going to keep moving higher?

Good afternoon. Thank you for having me. Um, we do expect Tesla to uh keep moving higher. It pushed out of a uh triangle formation a few weeks back and those patterns are typically bullish uh when they resolve to the upside. Um, in this case, we do expect intermediate term upside follow through and we can um uh derive a price projection of around 500. and that's at the top of a long-term secular uptrend channel. Um that's really the next major resistance level on the chart. Um, we have seen an acceleration in upside momentum after that triangle breakout. We saw some brief consolidation, but really late last week is when we saw the momentum pick up for those that follow the MACD indicator. We've seen a positive divergence there to the upside. Um so everything everything in our work points to more upside fall through for Tesla looking out looking out a few months.

So Will, let let's say I'm watching this and you know, I'm looking for a pullback. Uh, where would the pullback in the stock be where where you would say that that would be a smart place to get in?

Sure. So, uh when we see gaps up like we saw today, they they sometimes can be exhaustive, um especially after the, you know, a few days of upside that we've already seen. Um, so today's low will mark the the top of that gap and then the bottom of the gap, which is near 396. Um, you know, if that gap fills pretty quickly, then that would indicate that there has been some exhaustion there and we would uh expect some short-term digestion and profit taking. Um and and if we see that short-term pullback, the next level for Tesla um is around 362. That's from the May high. So a former resistance level now turned into support.