Tesla (TSLA) Stock Surges Following Trump’s Election Win
FXOpen
According to the TSLA chart:
→ Tesla shares opened this week at $244.25.
→ By yesterday’s close, the stock had reached $296.52.
This reflects a gain of over 21% for the week, with the major boost occurring on 6 November, as news broke of Trump’s U.S. presidential victory—a candidate supported by Tesla’s CEO, Elon Musk.
As CNBC reports:
→ Musk reportedly invested at least $130 million into Trump’s campaign, lending his support as a significant effort in recent months.
→ The president-elect has pledged to roll back regulations that Musk opposes, leading Wall Street to bet on potential advantages for Tesla under the new administration.
Back on 24 October, after Tesla’s earnings report, we noted:
→ Since May, the price has been fluctuating within an upward channel (shown in blue), with the lower boundary acting as a strong support level.
→ The bullish momentum after the earnings release indicated a failed attempt by bears to break this lower boundary (shown with a red arrow).
→ Bulls might continue driving TSLA's price within this channel, aiming to breach the key resistance at $260.
Currently, technical analysis on TSLA shows an aggressive movement into the upper half of the channel. It’s possible that the channel’s upper boundary will become a target for the ongoing rally (marked by black lines). Here:
→ The $300 level per share might present psychological resistance in the coming days.
→ Support may come from the blue channel’s median line or the key $260 level, where the price rebounded twice in 2024.
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