Having a hard time, a move below $175 would allow the bears to eye up $160-$165

Tesla having a hard time at the moment, its stock is clearly in a bearish trend and recovery in the short term does not seem likely. Morgan Stanley cut its 12-month price target earlier today on worries about lower earnings, this could spur further concerns leading to more selling pressure amongst investors. Currently, its stock is trading at around $181.54 a share. Looking at this daily chart, we can see that the stock has found some resistance around the price of $205.59, the support to look out for is the level of $175.02 – these price levels can be seen within the yellow channel. A break below the support would then create room for a further decline towards $151.74, which is a major support level for Tesla. A move above the resistance level would allow the bulls to build on the momentum towards the longer-term trendline resistance. Depending on the outcome of Jerome Powell’s speech today, we may see some more sideways movement for Tesla until a break in either direction occurs. The technical indicators sway towards the bearish bias, with the MACD looking like it will turn negative once again and the RSI already negative, reading 37. Hence, traders should remain cautious.