Going for it, 200MA and trendline resistance in focus

Tesla is going for it on the weekly chart, now trading at around $238.84 a share in the pre-market session after only floating around $140 at the back end of April. We can see that a possible breakout towards the upside is brewing, with both the longer-term trendline resistance and 200-day moving average at the same point of this potential breakout zone. Both the trendline resistance and 200MA read around $231.01, a strong close above this level as early as this week may strengthen the momentum heading deeper into July. Investors would then shift their focus towards levels of $265.10 then $278.92 and then $299.29 – these levels are more suited for a medium term outlook. The 200MA should offer support here in the near term, a move back below would mean that bulls would have to defend $205-$217 as a move below this area could once again favour the bears. Looking at the technical indicators, they are starting to look very positive. The MACD gradient is expanding and the RSI is rising sharply, it isn’t yet suggesting overbought conditions as it reads 65.