natef1

Tesla - Bullish And Bearish Signals To Watch For.

NASDAQ:TSLA   Tesla, Inc
Hello Traders, here is my analysis for Tesla .

Listed on the chart are the Bullish and Bearish signals that I will be watching for.

- At the moment, a trade setup has not formed that I would be interested in, however I am keeping an eye on the price action to see if pattern forms that I can play.

Price is either going to breakout and Bulls will take price higher...
Or the Bears are going to take control and drive prices lower...
- Either way, I've listed the signals that I'll be watching to give me a clue as to whether the Bulls or bears will take control.

What trade Setups am I looking for?
If price trends down but has not yet broken the ascending trendline -
- Im looking for a potential entry long off the ascending trendline. (I want to see price hold this trendline first)
- I will also be looking for oversold conditions on the lower time frame RSI
- I will be looking for lower time frame patterns or entries.
- If the trendline holds, I see oversold conditions, and an entry pattern develops = I will potentially take this trade.

If price breaks down below ascending trendline -
- I will be looking for a potential Double Bottom long entry.
- I will need to see similar signals as listed above, entry pattern, oversold conditions, the support level must hold.
- It also depends on how quickly price comes into this level, the quicker it falls to this level, the better the odds of a bounce.

If price breaks resistance and rallies -
- I will be looking for potential short entries when price is way overextended and at key resistance levels.

Thanks everyone and best of luck trading.

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