FX.co ★ 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.

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.