NEW YORK (Real Money) --  Tesla Motors (TSLA) - Get Report CEO Elon Musk works miracles with automobiles and rockets and using the sun, but right now he needs to work a miracle with his company's stock price. Lately, his words haven't been doing Tesla stockholders any favors, though.

It may seem easy to see the Tesla daily chart is mired in bearish territory just by glancing at the price action, but there's more. Tesla's price seems to be at a possible breaking point. The stock has been stuck in a downtrending (bearish) channel since February as part of a larger move down. The shares tried to rally in February, but once again, bulls are being tested as Tesla sits right near January lows. The challenge for the bulls is even a bounce from here will likely be capped at $200, which acts not only as a psychological barrier but is also the top resistance of the price channel. While it is tough to short in the hole, a close under $185 opens up additional downside and a bounce into $200 looks like an attractive put buying entry with a stop in the $207 area.

Daily Chart

Source: StockCharts.com

If there is a bounce to come, I would prefer to wait for past signals that played out well. The best signals have been a combination of a Slow K (%K) bullishly crossing over the Slow D (%D) while near or under the oversold line and when the 13-period relative strength index is also oversold. Why try to catch the falling knife, when the floor has been shown to us several times in the recent past?

The bearish channel is even more pronounced on Tesla's weekly chart. The positive here is there is a strong support at the $170-$175 level combining both past support and the current bearish channel. One might try to argue a somewhat awkward-looking head and shoulders, but I would counter there is no need to make this too complicated. The channel is clear and has seven months of price action within its walls. Use it.

Weekly Chart

Source: StockCharts.com

While the Vortex Indicator has not caught the precise tops and bottoms, it has been a very good guideline for the current trend as well as an indicator not worth fighting. Pair that with the longer-term moving average convergence divergence (MACD) indicator and the combination of the two, when aligned with each other, is worth noting. Currently, these are both bearish and in combination with the price action, Tesla is a tough buy.

The resistance on the weekly and the daily charts sit at the same $200. It feels like any bounce will get there, but not beyond. The weekly chart is a bit tougher since it sits directly in the midst of the price channel, but in the end, the bears have the upper hand. Nothing will change until Tesla can spend several days, maybe several weeks, over the key $200 level.
This piece was originally publish on Real Money March 30 at 9 a.m. EDT

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.