With all the dramatic headlines around Tesla $TLSA and its CEO Elon Musk, we should probably take a step back and look at the price action over the past couple of years to gauge the overall sentiment in this name. TSLA Daily Chart(click to enlarge)Consolidation:- Price action was bullish in late 2016 into mid-2017 after a consolidation period from mid-2014 through most of 2016. - Then after price came up to $387 in May 2017, TSLA started to consolidate again. - We can see that the overall trend has shifted, but the bullish trend still holds some weight as price bounced off a rising trendline in March 2018. - Then, price reached up to the highs just under $390 and was rejected once again. - We are essentially in a sideways market now with price ranging between roughly $240 and $390. - This means, we should probably wait until at least $245 before anticipating support.