Tesla (TSLA) ꦗshares have surged since Donald Trump's election last week, amid investor hopes that ♐CEO Elon Musk's close ties with the president-elect will benefit the company.

Trump on Tuesday tapped Musk to co-lead a newly created Department of Government Efficiency (DOGE), an agency tasked with reducing government expenditure and slashing regulations, two areas that may have a direct impact on the EV maker.

Tesla shares, which have gained more than 30% since the start of trading on election day, were down 1% at around $325 in afternoon trading Wednesday, after rising as high as $344 earlier🌟 in the day.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Tesla’s 澳洲幸运5官方开奖结果体彩网:weekly chart and point out key price levels worth watching amid the stock recent election-driven 澳洲幸运5官方开奖结果体彩网:volatility.

Cup and Handle Breakout

Tesla shares broke out above the top trendline of a 澳洲幸运5官方开奖结果体彩网:cup and handle pattern last week on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since early July, indicꦯating the potential for follow-through buying.

Indeed, bullish momentum carried into Monday before sellers cashed in on some of the stock’sไ recent post-election gains during Tuesday’s trading session.

With the possibility for further news-driven moves, let’s identify several key 澳洲幸运5官方开奖结果体彩网:support levels to watch during 澳洲幸运5官方开奖结果体彩网:retracements and point out a crucial overhe𒀰ad area to mo🐠nitor if the stock continues trending higher.

Key Support Levels to Watch

During dips, investors should initially track the $300 level. Bulls could look for buying opportunities in this area near near the 澳洲幸运5官方开奖结果体彩网:psychological round number and a trendline that connects a series of peaks that formed on the chart between January 2021 a🌟nd July l🉐ast year.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this key technical level could see the shares revisit the $265 level, a location on the chart where the price would likely encounter support near the cup and handle pattern’s top trendline, which may flip from 澳洲幸运5官方开奖结果体彩网:resistance into support.

Crucial Overhead Area to Monitor

If Tesla shares continue to accelerate higher, investors should monitor how the price responds around the $400 level. This area on the chart could attract significant selling pressure near a range of prices positioned just below the stock’s November 2021 澳洲幸运5官方开奖结果体彩网:all-time high (ATH).

Interestingly, this level also sits in close proximity to a measured moved 澳洲幸运5官方开奖结果体彩网:price target that calculates the depth of the cup and handle pattern’s “cup” and adds that amount to the initial breakout point. For instance, adding $130 to $265 projects an upside target of $395, just below the $4💖😼00 level outlined above.

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