TSLA stock price is trading around the $600 price level. Short-term trend is bearish as price continues making lower highs. Price has formed a bearish flag pattern and a descending triangle pattern.
Blue line- horizontal support
Black line -trend line resistance
Yellow lines - bearish flag pattern
TSLA stock price has support at $585. Breaking below this level will activate the bearish flag pattern. Next support is at the blue horizontal line at $538. Breaking below this level will be a very bearish signal for TSLA and will open the way for another sell off similar to the decline from $900 to $539. This next sell off could bring price towards $200-$100 area. Resistance by the black trend line is at $682 and as long as price is below it, TSLA stock price will be vulnerable to another strong decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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