It has been a few months since we saw the bullish breakout in shares of Tesla (TSLA). It broke above a double bottom as well as a falling trendline, signaling a bullish outlook. Tesla (TSLA) Daily Chart(click to enlarge)Resistance: - The daily chart shows that price pushed up almost to the 291.55 high from September 2014. - It is however already in a key resistance area as we can see in the weekly chart.- It was no surprise that price retreated from this resistance.Bullish Momentum:- Looking at the daily chart, we can see that price retreated to about 240 before finding support.- We noted in the previous update that this is a key support/resistance pivot, so again, no surprise by the reaction here.- Now, this week, price has bounced off of this support in a strong bullish candle during the 3/14 session. - Note that the RSI stayed above 40. This reflects maintenance of bullish momentum. Respecting Resistance:- We should respect the key resistance in the 286-292 area. After all, we can see that price failed to break this area twice.- Will 3rd time be the charm?- I think there is a good chance here. Trump Effect?- I know there is a lot more to be analyzed regarding how trump might effect a company like Tesla. - I would just like to point out that Elon Musk is on Trump's advisory council. Ahem. - But maybe that is already priced in. Maybe the market wants to be bullish from an anticipatory standpoint, but might not be committed to push TSLA clearly above 292 if the fundamentals are not solid - and this is the case. - Still, since the market is forward looking, I would not put much stake on resistance here, outside of a short-term bearish reaction due mainly to the fact everyone can see this resistance.Tesla (TSLA) Weekly Chart(click to enlarge)