Tesla (TSLA) Support and Resistance; Will the Uptrend Continue?
Hey fam, welcome to our daily chart. Comments are appreciated. Feel free to share your ideas on Tesla.
We are currently looking for support and resistance levels for Tesla (TSLA) to see if the uptrend will continue.
Indicators in use:
Trend = Fractal Trend
Entry = Breakaway Scalper
Exit = Breakaway Scalper
Extra = Order Block Mapping
Indicator Note: When Breakaway Scalper signals as same direction as Fractal Trend then enter.
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1. Our Fractal Trend indicator (green background color) and Breakaway scalper (Aqua bar color) currently agree on having a long bias. With this setup we are using Fractal Trend to determine the trend and Breakaway scalper for entries and exits.
2. We have seen an initial reaction at the bearish order block at R1.
3. If price can break above R1, the next levels to watch are R2, R3, and R4. Breaching R4 would mean an all time high, anything less a lower high.
4. If price can’t breach R1 and if the trend reverses, we will be looking for S1, S2, and S3 to hold as support.
5. Holding above S1 could technically give us a lower high in an uptrend, S2 a lower high from the bottom, and S3 a double bottom.
All that covered, we are first and foremost looking for a break above S1 since our Fractal Trend and Scalper are bullish on TSLA. This will change if Scalper stops giving a long signal.
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NOTE: We are Trend continuation traders. We don't catch knifes. That has been one of the main reasons why we are still around. Follow us on here if that sounds like the trading style you agree with! Comments are always appreciated.
We are currently looking for support and resistance levels for Tesla (TSLA) to see if the uptrend will continue.
Indicators in use:
Trend = Fractal Trend
Entry = Breakaway Scalper
Exit = Breakaway Scalper
Extra = Order Block Mapping
Indicator Note: When Breakaway Scalper signals as same direction as Fractal Trend then enter.
---
1. Our Fractal Trend indicator (green background color) and Breakaway scalper (Aqua bar color) currently agree on having a long bias. With this setup we are using Fractal Trend to determine the trend and Breakaway scalper for entries and exits.
2. We have seen an initial reaction at the bearish order block at R1.
3. If price can break above R1, the next levels to watch are R2, R3, and R4. Breaching R4 would mean an all time high, anything less a lower high.
4. If price can’t breach R1 and if the trend reverses, we will be looking for S1, S2, and S3 to hold as support.
5. Holding above S1 could technically give us a lower high in an uptrend, S2 a lower high from the bottom, and S3 a double bottom.
All that covered, we are first and foremost looking for a break above S1 since our Fractal Trend and Scalper are bullish on TSLA. This will change if Scalper stops giving a long signal.
---
NOTE: We are Trend continuation traders. We don't catch knifes. That has been one of the main reasons why we are still around. Follow us on here if that sounds like the trading style you agree with! Comments are always appreciated.
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