Tesla $TSLA remains in a range that has been in place for almost 3 years before $240 and $390. But as price approaches $240, I think we should NOT rely on the range support anymore. TSLA Daily Chart(click to enlarge)Rejection at the Mean:- In September, we saw price rebound before reaching the range support.- However, price subsequently failed to push above the moving averages (200, 100, 50). - This cluster of MAs represent the mean price action. - The rejection here suggests the market has turned bearish. This is called a bearish slingshot.- Also note that the RSI held under 60, which reflects maintenance of the recent bearish momentum created in August. - The price action-MA-RSI dynamic suggests bears are in control and we should probably NOT rely on bulls defending the $240 range support. Bearish Outlook:- If indeed price breaks below $240, TSLA would likely have downside to $200. - For now, we should probably cap our bearish expectation to the key support pivot around $178. - Meanwhile, we should start to anticipate resistance if price comes back towards $300.