Tesla is in a though spot. It is locked between a key support level at 539.49 and the 200-day moving average. A break below the key support at 539.49 will trigger an inverted Cup with Handle formation, that has a target near 199. It is also important to emphasize that the uptrend from the March 2020 low at 70.21 remains intact and only a close below 583 will break this uptrend and call for a strong test of the key support level at 539.49.
To lift the mood for Tesla, a break above the resistance level at 741.25 is needed. If the prediction comes true, we should rally towards 1,150.
Stop on longs should be just below the key support level at 539.49.