Tesla TSLA Breaks Down From Traditionally Bullish Pennant

Shares of Tesla are down Monday morning after breaking down from what normally is a bullish continuation pattern. This tight consolidation throughout the first half of September is what most technicians would consider a bullish pennant that traditionally resolves itself in the direction of the underlying trend. But in this case, the pattern broke down rather than up.
Here is a daily candlestick chart of $TSLA where you can see this break. The bulls are still in control here from an intermediate perspective as long this resistance from February and August turns into support. Our polarity principles teach us that former resistance should become support:

So far this appears to be the case as shares of TSLA stopped dropping once they hit this 264-265 level. But a break below that could be disastrous for this popular momentum name.
I would also use this uptrend line from the May lows as a key level for risk management. Bulls are fine as long as that 264 holds, otherwise a test of this uptrend line is in the cards. If neither one of those can serve as support, then a test of the 200 day moving average is likely, which is near the 210 level.
Something else worth mentioning is that a breakdown below this former resistance near 264 would confirm that this breakout earlier this month was a failed move, and would suggest a fast move to the downside is coming. So although we do have that uptrend line in the 250s, the former resistance shaded in gray is really my key level.
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