Tesla shares experienced a significant increase of 21.9% after the release of strong quarterly figures, resulting in the stock reaching a new monthly high of USD 269.19. This marks the largest daily gain for the company in over eleven years and fully recovers from earlier losses in October.

The stock is now approaching resistance at the annual high of USD 271.00. If this resistance is broken, the stock could target the September high of USD 278.98 and the open price gap from July 20, which ranges between USD 280.93 and USD 291.08. Further upward movement could potentially lead to the stock reaching the 2023 peak at USD 299.29 and even the USD 300 mark.

On the downside, support levels have formed at the 2023 December high of USD 265.13 and this year's September high of USD 264.86. If the stock declines below these levels, it may retrace towards the USD 250.00 range. Notably, there is significant support expected within the gap from last Thursday, particularly around USD 234.68, as well as the 50- and 100-day moving averages at USD 230.57 and USD 221.69, respectively.