When we look at the TSLA chart, we can see the fall from the $780 range on June 4th finding temporary support at the $710 range and its rebound to the $730 on June 7th, but failing to consolidate if fell lower on June 8th to the $690 range which now acts as the main support line. Since then it managed to form a leg up in the $720 and rise to the $750 on the 8th of June. During yesterday’s session, it reached as high as the $770 level but quickly retracted back to the $750 and slowly faded to the end of the session. It was last found trading at $719.85.
Today we could expect an extension of the retraction falling below $710 and close to the $690 support level.
If however, it manages to hold the current level then a case can be made for a bounce to the $750 level.
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