With the stock still below its December peak near $490, it continues to move within a descending channel that has been tested several times over the past few weeks, News.Az reports, citing foreign media.
The immediate support zone lies between $385 and $390, which has acted as a short-term floor during recent trading sessions.
A break below this level could trigger additional selling pressure toward the next support area around $360. On the upside, the first resistance range stands near $405–$410, where the stock has repeatedly faced rejection in recent sessions. A stronger resistance level is located around $420, close to the 200-day moving average. As long as the stock remains below that level, short-term momentum is likely to favor bearish sentiment.
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Momentum indicators also reflect a neutral-to-bearish outlook. The Relative Strength Index remains near the low-40 range, signaling weak buying pressure without entering oversold territory. Meanwhile, the MACD remains in negative territory, suggesting the corrective trend could continue in the near term.
Despite the recent decline, Bank of America has renewed its coverage of Tesla with a Buy rating and a price target of $460. The bank cited Tesla’s leadership in consumer autonomous driving technology as a key factor supporting long-term growth.
Analyst Alexander Perry highlighted Tesla’s expanding role in the emerging robotaxi ecosystem, arguing that the company has a strong opportunity to dominate autonomous mobility services as the technology advances.
One advantage identified by Bank of America is Tesla’s camera-only approach to autonomous driving. Although technically more challenging, the strategy is cheaper than the multi-sensor systems used by competitors that rely on lidar and radar. According to the bank, the lower cost structure could allow Tesla to scale its robotaxi network more efficiently and potentially achieve higher profitability over time.
Tesla also benefits from a significant data advantage generated by its global fleet of vehicles, which continuously collects real-world driving data used to improve its autonomous software.
Beyond autonomous mobility, Bank of America pointed to several additional growth drivers that could support Tesla’s long-term valuation. The bank estimates robotaxi services could account for roughly 52 percent of the company’s enterprise value in the future. Meanwhile, Tesla’s Full Self-Driving software platform already has about 1.1 million subscriptions and could see faster adoption as higher levels of autonomy become available.
The bank also highlighted the company’s Tesla Optimus project and its energy storage business as additional opportunities, valuing those segments at more than $30 billion and $90 billion respectively, reinforcing a bullish long-term outlook for the company.
