Tesla’s shares were up more than 20% last week. Is there more to come?

This marks a turnaround for the electric vehicle behemoth, which has faced rising pressure in recent quarters as amid concerns of a slowdown in global demand for EVs.

More importantly, CEO Elon Musk had struck an upbeat tone, as he predicted sales growth of 20% to 30% for 2025, sending shares in the EV maker soaring. Try as you may, there is no denying the impact that Elon Musk has on Tesla, according to Moomoo Singapore’s chief market strategist Isaac Lim.

Yet, the personality cult of Elon Musk on Tesla may prove to be a double-edged sword, with the mercurial CEO often seen as a divisive figure who’s unafraid to court controversy. His long-running court battle to restore his US$56 billion package of share options and his recent pledge to give out US$1 million each to registered voters in swing states just two examples of his well-documented belligerent behaviour.

With the stock closing just a whisker below US$270 a share on Friday, what’s next for the counter?

“If you look at Tesla on the weekly chart, it’s still in a long-term triangle consolidation that started since 2022, which tells me that the markets still have no idea what to make of Elon’s vision,” according to Isaac.

“I expect price to consolidate between support at US$200 and near-term resistance zone at US$265-US$270.”

“A bullish breakout above the US$265- US$270 resistance zone will see price rise higher towards US$315. Otherwise, a breakdown below US$200 will see price drop towards the US$168.50 support.”