March was Tesla’s (TSLA) worst-performing month since its IPO in June 2010, as shown on the following monthly chart.

The March candle closed just above a medium-term 50% Fibonacci retracement level and below a long-term -50% Andrew’s Pitchfork channel line.

We may see price decline further to the bottom of the pitchfork where it converges with the 60% Fib level at 236.00. Inasmuch as the momentum indicator has made an all-time swing low and is diverging with the overall price uptrend, it is hinting that further weakness lies ahead. Alternatively, major resistance sits at 300.00 (confluence of 20-month VWMA and 40% Fib level).

A break and hold below 236.00 would not bode well for this stock.