Tesla, Inc (NASDAQ:TSLA) was rising over 3% on Tuesday, breaking up from a bull flag pattern on the daily chart.

On Monday, Wells Fargo analyst Colin Langan maintained an Equal-Weight rating on the EV giant and lowered a price target slightly from $265 to $260. Morgan Stanley analyst Adam Jonas maintained an Overweight rating on the stock and a price target of $400.

Jonas sees smartphone and EV technology continuing to merge and believes Tesla investors should consider the implications of a blurring of the lines between the two market segments.

From a technical analysis perspective, Tesla not only broke up from a bull flag on Tuesday but confirmed the stock continues to trade within a strong uptrend.

With Tesla holding a 10.8% weighting in Cathie Wood-led Ark Innovation ETF (NYSE:ARKK), the fund was moving higher in tandem with the Elon Musk-led vehicle maker.

Traders looking for leveraged long exposure to ARKK may choose to play the AXS 2x Innovation ETF (NASDAQ:TARK).

TARK is an actively managed 2X leveraged ETF aiming to return 200% of the daily performance of ARKK and was shooting up over 6% on Tuesday.

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The Tesla Chart: Tesla’s bull flag pattern was formed between Sept. 27 and Monday, with the upward-sloping pole created over the first seven trading days of that timeframe and the flag printing between Thursday and Monday. On Tuesday, Tesla opened slightly lower before breaking up from the flag on higher-than-average volume on smaller timeframes, which suggests the pattern was recognized.