Tesla’s bullish momentum is still in control – the weekly chart shows we’re still in an uptrend, and the trend is still our best friend. After a strong bounce from support a couple weeks ago, price is now rejecting off a weak resistance zone. Ideally, this pulls it back into my entry zone to retest the bottom or the 50% mark of the current swing. I’m using trend lines for guidance and expecting the next swing to push up into that confluence area. My golden zone is set between $367–$390, with partial profits be taken at $367 (top of the channel) and the rest near $390, where we meet the trend line. Stop loss is placed at $241, just below the level where momentum would likely shift.
Trade active
After 2 weeks TSLA has finally dropped into the entry zone, and the trade is now active.Further decline to 270 is possible before the next major bull run so please enter positions wisely.
Trade closed: target reached
Tesla came down into the entry zone and bounced up as planned, but I believe a minor correction is coming so I will be closing this trade now @ 320.40 and taking profits. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.