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16.06.202116:18 Forex Analysis & Reviews: Technical analysis on TSLA stock price for June 16th, 2021.

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.

Exchange Rates 16.06.2021 analysis

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.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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