Can Tesla Stock Price Hit $700 As Company Builds New All-Electric Truck?

Summary:

There is a possibility of Tesla stock price hitting $700 on the production of its new Tesla Semi all-electric trucks after Tuesday's upside gap.

Tesla stock price opened higher but has lost most of these gains as the price aims to close the upside gap on a trading day which has kicked off with low volumes.

According to market chatter, Tesla could soon commence production of the Tesla Semi, the company’s all-electric truck.

In reports monitored from the news website Electrek, axle production on the Tesla Semi is already on stream, with final debugging of the assembly line said to be the final step before production kicks off on the two options that will be launched.

The production of the Tesla Semi kicks off after a 2-year delay. The news comes after the company said it would introduce subscription-based full driverless options on its vehicles in a bid to make its pricier features more accessible. Tesla stock price is trading 0.41% higher as of writing.

Technical Levels to Watch

The upside gap was rejected at the 654.12 resistance, while the pulback move is testing the trendline that connects recent lows from 19 May. If the price bounces on this trendline and clears 654.12, then 693.75 becomes available as the next upside target. Ahead, 725.47 and 743.70 serve as additional barriers to the north.

On the other hand, the potential triple top formation requires a breakdown of the neckline for confirmation, opening the door for a measured move towards 564.57. This move needs to clear 600.84 on the way down.