Tesla shares have experienced a strong rally following Donald Trump’s election victory, with Elon Musk expected to be among the key beneficiaries. Currently, Tesla is trading at approximately $297 per share, with a surge in investor optimism driving the momentum.

Key Resistance Levels and Upside Potential

On the monthly chart, a W-shaped pattern is forming, with the next resistance level at $299.24. If Tesla breaks above this resistance, it could attract further investment and optimism, potentially pushing the stock towards its all-time high of $415, last seen in 2021.

Support Levels and Downside Risks

From a technical perspective, the critical support level lies at $200. A break below this level could dampen investor sentiment and potentially signal a reversal in the bullish outlook.

Bullish Momentum Supported by MACD Indicator

The MACD indicator has turned positive for the first time since March 2022, reinforcing the bullish sentiment with room for further upside.

Tesla’s strong momentum, along with key technical levels and positive MACD signals, makes it a compelling stock to watch. Investors should monitor these levels closely, as a break above resistance or a dip below support could significantly influence Tesla’s trajectory in the coming months.