$TSLA Powering down expected until we break the channel
The chart is still showing a bearish trend with the price trading within a descending channel, indicating a consistent downtrend.
Key Levels:
- $200 Resistance:
The failure to reclaim and hold above $200 reinforces bearish sentiment.
- 0.618 Fibonacci Support at $165:
This level is the next major support within the current downtrend. A break below could lead to further declines.
- Target 1 ($165): Immediate support level, aligned with the 0.618 Fibonacci retracement.
- Target 2 ($100): A deeper support level and potential downside target if bearish momentum continues.
The price remains below the moving averages, further supporting the bearish outlook.
TSLA is likely to test the $165 level, with the potential for further decline towards $100 if the bearish trend persists. A bullish reversal would require a break above the descending channel and key resistance levels.
Key Levels:
- $200 Resistance:
The failure to reclaim and hold above $200 reinforces bearish sentiment.
- 0.618 Fibonacci Support at $165:
This level is the next major support within the current downtrend. A break below could lead to further declines.
- Target 1 ($165): Immediate support level, aligned with the 0.618 Fibonacci retracement.
- Target 2 ($100): A deeper support level and potential downside target if bearish momentum continues.
The price remains below the moving averages, further supporting the bearish outlook.
TSLA is likely to test the $165 level, with the potential for further decline towards $100 if the bearish trend persists. A bullish reversal would require a break above the descending channel and key resistance levels.
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