Watch These Tesla Price Levels as Stock Shifts Gear After Soaring in 3rd Quarter

Core Insights - Tesla shares experienced a decline despite a better-than-expected deliveries report, with a 40% surge in the third quarter making it the best performer among the Magnificent Seven stocks [2][9] - Investors are locking in profits after the recent stock rally, leading to a drop of 1.6% to $429 in recent trading [2] - The stock's recent performance has been bolstered by CEO Elon Musk's renewed commitment and optimism surrounding the company's advancements in autonomous driving and AI-related opportunities [3] Technical Analysis - A bearish engulfing pattern has emerged, indicating potential downward movement after the stock closed below the previous day's low [5][9] - The relative strength index has fallen to its lowest level since early September, suggesting weakening price momentum [6] - Key support levels to monitor include $367, which may attract buying interest, and $292, where investors could find entry points [7][8][9] Price Levels - Resistance levels to watch are near $489 and $660.60, which could be critical for future price movements [9]