Tesla: Current Price Moves Within a Bearish Structure

Tesla has been moving in a wide descending channel since late 2021. We can clearly spot that prices have been making lower highs and lower lows. The price is currently moving within a short-term bearish structure after a rejection by the trend line. Last week, we can observe that price has completed its retracement and was rejected at the previous support level. This makes the bearish structure still valid and we expect the price to fall to test the $760 level first, and then to test $700 level, which is the 2022 low.