• Tesla shares rise 3.6%, continuing a month-long upward trend.
  • Analysts cite robotaxi launch anticipation as key driver, with Wedbush's Ives raising price targets.
  • Technical indicators suggest potential for further gains, with resistance levels near $350.

Tesla's Robotaxi Rally

Tesla Inc. shares extended their recent rally Thursday, climbing 3.6% as investor enthusiasm builds ahead of the company's planned June 2025 robotaxi unveiling. The stock has now posted gains in 16 of the last 30 trading sessions, with technical analysts eyeing potential upside to $330 in the near term.

"The robotaxi event is shaping up to be a watershed moment," said one portfolio manager who asked not to be named discussing individual positions. "Market participants are pricing in successful execution risk now rather than waiting for the actual demonstration."

The Ives Factor

Wedbush analyst Daniel Ives, whose tech sector insights carry weight with institutional investors, has been particularly vocal about Tesla's autonomous driving potential. His recent price target increase appears to be gaining traction across Wall Street, with several firms reportedly revisiting their Tesla models after the latest rally.

While Tesla didn't respond to requests for comment on the stock movement, CEO Elon Musk has repeatedly emphasized the robotaxi program's importance during earnings calls. The Austin-based unveiling event will feature vehicles capable of operating without human drivers - a technological leap that could redefine Tesla's valuation framework.

Technical Landscape

The stock's 50-day moving average ($291.96) crossed above its 200-day counterpart ($305.05) last week, a bullish signal technical traders watch closely. Some chartists see resistance forming near $350, which would represent a 50% retracement of the December-April decline.

Thursday's trading volume exceeded the 30-day average by 15%, suggesting conviction behind the move. Options activity also showed increased interest in short-dated calls, particularly at the $330 strike price.

Correction: An earlier version misstated the percentage of green trading days. The correct figure is 53% (16 of 30 days).