Tesla Inc. (TSLA) has gained roughly 53% since the election, making it the second-best performer in the S & P 500 since that time. The rally has been meaningful from a technical perspective, marking a bullish shift with long-term implications. In June , we highlighted a bullish technical setup for Tesla that supported a counter-trend rally. Now, the rally in TSLA is in line with the primary trend following a major breakout on the chart last month. TSLA’s postelection rally resulted in a breakout above major trendline resistance last month, sending the stock to new 52-week highs. The upmove has resulted in a decisive upturn in the monthly MACD, which is a bullish indication for the next several months, affirming that a cyclical bull trend is now in place. More recently, TSLA pushed higher out of a flag pattern, bringing final resistance near $415, from the 2021 peak, within reach. A flag pattern is a healthy consolidation phase that serves to refresh the uptrend, and the breakout from the pattern is associated with renewed short-term momentum. This supports near-term upside follow-through to final resistance. If TSLA can break out to new all-time highs, it would shift our focus to a measured move price objective of roughly $504 looking out into the middle of next year. This target is generated by taking the cyclical uptrend from the 2019 low to the 2021 peak and then projecting its trajectory up from the 2023 bear cycle low. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: (Noine) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. 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