The Path of Least Resistance is Currently Down
Hello Fellow Traders,
The look of the current TSLA chart has me thinking more downside is likely. After the plunge through my $577 support line, it came back up to test that level and rejected it as resistance. Based on my S/R lines, there doesn’t look like there is much price support until the $557 level.
We saw a break of the $577 level in early March, and we dropped quickly to around $540.
We saw a break of the $577 level three times in May, each time testing and finding support around the $557 or $547 area.
I will be looking for another test of the $577 area tomorrow. If it rejects again, the $557 level will likely be in play. If there is a test and break of the $577 area, I’ll be looking toward the $596 level next to reevaluate.
The look of the current TSLA chart has me thinking more downside is likely. After the plunge through my $577 support line, it came back up to test that level and rejected it as resistance. Based on my S/R lines, there doesn’t look like there is much price support until the $557 level.
We saw a break of the $577 level in early March, and we dropped quickly to around $540.
We saw a break of the $577 level three times in May, each time testing and finding support around the $557 or $547 area.
I will be looking for another test of the $577 area tomorrow. If it rejects again, the $557 level will likely be in play. If there is a test and break of the $577 area, I’ll be looking toward the $596 level next to reevaluate.
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.