One trader sees this as the beginning of a massive rally for the stock.
"Technically speaking, I see a potential bull flag that we had a move about late last year and it's been consolidating," Bill Baruch, president of Blue Line Futures, told CNBC's "Trading Nation " on Tuesday.
Tesla began last year trading at around $211. A six-month rally sent shares above $386, a level it has struggled to meaningfully break above ever since, though Tuesday's move puts it back within range.
"This move ultimately is very bullish," said Baruch. "If this can get out above $400, there is a lot of upside. I think $500 to $520."
A move to $400 marks a 5 percent rally from current levels. A level north of $500 represents a 32 percent premium to Tuesday's price.
Tesla shares surged more than 7 percent on Tuesday before trading was halted. The rally began when Musk tweeted that he was "considering taking Tesla private at $420" and that he had secured funding.
Ari Wald, head of technical analysis at Oppenheimer, doesn't see any reason for Musk's tweet to shake him from his neutral view on Tesla. Even an upgrade from Oppenheimer analyst Colin Rusch last week has not pushed Wald into the "buy" camp.
"The most positive thing I could say is I wouldn't bet against that view," Wald told CNBC's "Trading Nation" on Tuesday. "Essentially in the charts the stock is trendless. It's been trading in a very wide range from about $250 to about $390."
Tesla hit an intraday record of $389.61 in September, but soon pulled back below those heights.
"On one hand, I'm open for the breakout but, on the other hand, want to be conscious because these ranges can be headaches. Reminder, 2014 to 2016, the stock traded in a similar wide range for almost three years."
Tesla traded within a range from the beginning of 2014 to end 2016, trying and failing several times to break out to $300.