Tesla Shares Retreat to $361.50 After Initial Roadster Reveal Rally Fails at Resistance

Tesla shares struggled to sustain upward momentum on October 16, pulling back toward $360.20 and consolidating near $361.50 after an intraday high of $370.58 failed to breach the 100-day moving average at $371.13. The weakness followed an early rally triggered by Elon Musk's demonstration of a flying Roadster prototype integrated with SpaceX technology. Wedbush analyst Dan Ives projected an 80% probability of a Tesla-SpaceX merger by 2027, initially lifting Tesla shares up to 4.79% to $379.80 in pre-market trade, while tokenized and perpetual derivatives also spiked before equity momentum faded.