Tesla has been trading sideways since 2017 between a support just above $240 and a resistance around $390. The daily chart shows that price has been declining since late 2018 after a failure to reach that $390 resistance. Price is trading under $280 now, and approaching a rising trendline support, as well as the range support just below that rising trendline. TSLA Weekly Chart(click to enlarge)Bullish Long-term Structure:- While price has been essentially sideways since 2017, the overall price structure in the long-run has been bullish so far. - Price is still above the rising trendline and mostly above the 200-week simple moving average (SMA). - Furthermore, the RSI holding above 40 for the most part reflects a market that is trying to maintain that prevailing long-term bullish momentum.- Soon, Tesla will likely test these conditions as price falls towards the $240-$250 support area. Bearish Scenario:- Because this $240-$250 area has become a critical support, a break below $240 could open up a swift bearish swing towards $200, or even the next key support around $178.Support Respect Scenario - Trade Plan:- On the other hand, we might simply see a continuation of the sideways market since 2017. - I am considering a short-term trade here. Let's say I can average in an entry price around $250 with a stop at $230. - A conservative target of $300 gives me a 2.5:1 reward to risk ratio.- I think the middle of the range around $320 is a viable target, which improves the reward to risk.- The targets in the resistance area of $360-$390 would be a bit risky. If price does rebound to $300-$320, I would likely take profit and leave only a portion of the position as a runner towards this aggressive target range. - Meanwhile, I would have a trailing stop so even this small position will lock in profit.