Shares of Tesla (NASDAQ: ) were trading right around $415 on Nov. 24, extending a rebound off the rising support line that’s been in place since April.
Since April, TSLA stock has doubled—holding strong despite months of market turbulence.
Despite persistent scrutiny from bearish investors, Tesla’s uptrend remains intact.
This technical strength has been reinforced ahead of Thanksgiving week by a bullish endorsement from Melius Research.
The firm called Tesla a “must-own” stock, citing its advances in AI, Full Self-Driving (FSD), and chip development. It’s a bold call, especially after a stretch where the bears have been resurfacing, and it could easily reignite momentum into year-end if investors take it seriously.
Technical Strength and an Improving Macro Backdrop
Tesla’s technical picture continues to attract bullish attention. The $390–$405 region has acted as a reliable support zone several times this month, attracting new buyers each time the stock dips below $405.
The broader market is showing signs of stabilization after a wobbly few weeks. The benchmark S&P 500 index has climbed nearly 4% in just four sessions, driven by increasing confidence among investors that the AI trade is intact.
The “Must Own” Call From Melius
Given Tesla had been starting to test the lower end of its range, Melius Research’s call came at a good time. The firm argued that Tesla has become a “must-own” stock thanks to its leadership in AI and autonomy, both of which could soon translate into meaningful earnings growth.
The report highlighted Tesla’s advances in FSD and its in-house AI chip program as key catalysts that could reshape its valuation trajectory over the coming years.
As analyst Rob Wertheimer summed in a note to clients,
Tesla Just Got Called a ’Must Own’ Stock-Here’s Why
