Tesala tests 100 DMA after record Q1 deliveries

Tesla recorded a record 180,000 Q1 deliveries lifting the share price 4% on Monday. Can Tesla hold the gains?

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Tesla shares have been under pressure across the past couple of  months, although April is shaping up to be slightly better.

Tesla’s share price jumped 4% on Monday and has held the majority of those gains so far this week.

The share price jumped after Tesla announced a record 180,000 Q1 deliveries a 109% YoY increase.

Model 3/Y deliveries increased 140% YoY. Model S/X saw deliveries drop 83% YoY owing to the chip shortage.

Supply chain headwinds are likely to remain this year.

The stock is trading within a holding pattern. Bulls will look for a breakout over $720. Bears will look for a break through the 100 sma at $688 to head back towards $600 the lower band of the channel.

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