The Direxion Daily TSLA Bull 2X Shares (TSLL) soared 5.15% in the 24-hour period spanning the weekend, outperforming the broader market. The surge in the leveraged ETF tracking Tesla stock reflected growing optimism that the electric vehicle maker could reach a new record high by the end of the year.
According to market analysts, Tesla's stock is well-positioned to surpass its previous record close of $409.97, set on November 4, 2021. Driving this sentiment is the company's progress in developing self-driving technology and the potential launch of a robotaxi service in late 2025.
While Tesla's earnings estimates have been revised downward due to price competition and slowing EV sales, investors are focusing on the long-term potential of autonomous driving. Technical analysts have identified bullish patterns and call option activity, suggesting traders are betting on further upside for Tesla's stock, potentially reaching targets as high as $480 or even $710.
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