Stock Trade Idea: Tesla (TSLA) – Looking Like A Bullish Breakout | Jan 21

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Stock Trade Idea: TSLA – Forming A Bullish Breakout Pattern Against the All Time Highs (5 min chart)

Price Action Context

After going gangbusters to start the year, Tesla reached an all time high of 547 before selling off impulsively for two days.

Notice however the stock gapped up today right up to the all time highs and current resistance level of 547.

Since then, the stock did a gap-and-go pattern while forming a breakout pattern just above VWAP.

This to me is a bullish sign so if the market opens tomorrow and breaks the resistance, there could be some great day and swing trades to get long.

tesla stock breakout trade idea 2ndskiesforex

Trending Analysis

ST & MT bullish while above 493 on a weekly closing basis.

Key Support & Resistance Levels

R: 548, 575

S: 495, 448

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