Tesla shares experienced a significant surge of 14.8% after Donald Trump's election victory, resulting in a new yearly high of USD 289.59. The stock opened strongly, surpassing the previous October high and reversing a decline of 7.5% from the prior week.

By the end of the trading day, shares settled at USD 288.53, indicating a notable rebound for the electric vehicle manufacturer. As a result of this upward momentum, Tesla has successfully broken through several technical resistance levels. Analysts suggest that if the stock can maintain its current trajectory, it may aim to close the gap from July 20, 2023, which is located above the new high at USD 291.08.

Furthermore, the previous year's peak of USD 299.29 is also within reach, potentially paving the way for a rise above the USD 300 mark. This could lead to targeting highs of USD 313.80 and USD 314.64 from September and August 2022, respectively.

On the downside, key support levels have been identified at USD 275.62, the October high of USD 273.54, and the July high of USD 271.00. In the event that the price falls below these levels, further support is expected at USD 265.13 and USD 264.86. Additionally, there is significant chart support found between USD 247.50 and USD 245.00, where the highest trading volume since March 2020 is concentrated.