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Tesla could possibly be on its technique to $ 500, the seller says. Easy methods to play the top off

A Tesla bull says the stock could still climb higher this year, even after rallying more than 400%.

Todd Gordon, founder of TradingAnalysis.com, sees several tailwinds that should bring the stock back to record highs. First, he told CNBC's "Trading Nation" that a record number of shipments in the third quarter was a bullish development.

In addition, he pointed to the expansion in Europe and a focus on battery production as two other catalysts.

The charts also signal a breakout in manufacturing, he said.

"You can just see an absolutely amazing run from the $ 100 mark, this is up to the $ 400 range after the split and you can see that we've started getting into a little triangular consolidation," he said on Thursday . "A triangle is just lower highs, higher lows. … We reach a decision point where the chart needs to break out, and usually breaks in the direction of the trend that was before consolidation."

Tesla conducted a 5-for-1 stock split on August 31. Since the announcement of this move on August 11th, shares have gained nearly 60%. However, since late September the stock has been trading sideways between $ 406 and $ 448.

"We could have another boost in Tesla before we see bigger profit-taking, but I certainly see room for the $ 500 region in Tesla," Gordon said.

Gordon uses the options market to define risk and complete a trade that will take the stock through the expected volatility in the US presidential election. He buys the 450 call at the end of November 20 and sells the 500 call. Moving to $ 500 means 16% upside.

Disclosure: Gordon holds TSLA.

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