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.
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