Tesla stock is edging closer to the key $500 resistance level, buoyed by optimism surrounding its robotaxi ambitions. However, the rally is encountering short-term technical and momentum headwinds, raising questions about whether the move can be sustained in the near term.
Meanwhile, Wall Street expectations for Tesla’s Q4 sales remain muted. In the previous quarter, the company reported record vehicle deliveries of around 500,000 units, alongside strong production of roughly 447,000 vehicles. Despite this solid performance, more recent data has raised concerns.
Tesla’s November sales showed a noticeable slowdown, with deliveries of approximately 40,000 vehicles, marking a 23% decline on a year-over-year basis. This softer monthly trend has led analysts to temper their forecasts, with Q4 delivery expectations now more conservative compared to earlier projections.
On Friday, the stock slipped 1.4% to $478.78, after touching an intraday high of $498.83 earlier in the week. A decisive rally would be needed for the stock to close the year above the $500 mark.
From a technical perspective, strong support is forming near the $466 level, which analysts see as a potential base for a rebound. With fundamentals improving and institutional buying picking up, the near-term outlook for Tesla remains bullish, suggesting further upside could be ahead.