Tesla, As Expected, Finds Support At $590: What's Next?

Shares of Tesla, Inc. TSLA found support at the $590 level. This move was expected. Wednesday's closing price was $589.89 and traders knew there would be support at this level because it was the bottom in March. Former support levels can repeat themselves and that’s what happened here.

It’s unlikely Tesla will consolidate or trade around the $590 level for long.

There’s a good chance shares make a big move over the next few days. It could be a rebound or might be a breakdown, but once the trend starts to form, traders will jump into the market and add momentum to the move.