TESLA Stock - TSLA Big Move Next Week?

Summary

In this Tesla stock update, the creator discusses the recent market activity, analyzing Tesla's performance and its movement within a rising channel. Despite some short-term fluctuations, the overall trend remains bullish, with the possibility of a continued rise in the coming days. Technical indicators like the MACD and trend lines are closely watched, and the creator anticipates a potential breakout by mid-week. The video also touches on the broader market, comparing it to Tesla's performance, and offers insights on trading strategies for members, highlighting both risks and opportunities.

Takeaways

• 😀 Tesla stock closed the day up by 1.89%, despite giving up some gains in the last 30 minutes of trading.
• 😀 The host offers daily technical analysis and updates to members for as low as $3 a month, covering Tesla, Nvidia, and other stocks.
• 😀 Tesla's stock movement was volatile with pre-market fluctuations, hitting a target of $125 before experiencing a pullback.
• 😀 The host was surprised by Tesla's recovery during the day, expecting a continuation downward, but instead, it broke through key resistance levels.
• 😀 The 337 price level was crucial for bulls, as breaking it signaled a shift in momentum toward the upside.
• 😀 A comparison is made to a prior consolidation period in early May, indicating that a similar pattern could play out, leading to a potential upward move around the 10th candle mark.
• 😀 The host remains bullish on Tesla's stock, even if it experiences short-term pullbacks, as long as it remains within the rising channel on the daily chart.
• 😀 The risk of a breakdown exists, but the higher likelihood is that Tesla will continue upward, unless proven otherwise.
• 😀 The daily chart remains bullish as all exponential moving averages (EMAs) are currently flipped bullish, supporting an overall upward trend.
• 😀 The host expects a breakout to the upside potentially starting by mid-next week (Tuesday or Wednesday), which could lead to a sharp upward movement toward the 370-375 range by the end of June.
• 😀 Broader market conditions, such as SPY, could influence Tesla's movement, with the host preferring to see a minor dip in SPY before a potential market rally that could benefit Tesla's stock.

Q & A

What is the overall sentiment of the speaker regarding Tesla stock in the video?

The speaker maintains a generally bullish outlook on Tesla stock, despite acknowledging some short-term uncertainties and risks. They believe that, in the long term, the stock will continue to rise within its current upward channel.

What technical indicators does the speaker focus on when analyzing Tesla's stock movement?

The speaker primarily focuses on the Exponential Moving Averages (EMAs), MACD (Moving Average Convergence Divergence), trend lines, and key price levels (e.g., $335-$337 resistance zone). They also compare current price movements to previous patterns in May.

How did Tesla perform on the day the video was recorded?

Tesla closed the day up 1.89%, although the speaker noted that it gave up a significant portion of its gains in the final 30 minutes of trading.

What does the speaker expect in the short term for Tesla's stock?

In the short term, the speaker expects Tesla to continue consolidating sideways before potentially making a move higher, which could start as early as Tuesday or Wednesday, following the pattern observed in early May.

What is the speaker's view on the potential risk of Tesla falling out of its rising channel?

The speaker acknowledges the risk that Tesla could fall out of its rising channel, which would likely result in a drop to lower levels, such as the low $300s. However, they still believe that even in such a scenario, Tesla would remain in a long-term uptrend.

What is a key technical pattern that the speaker believes might play out for Tesla?

The speaker suggests that Tesla is forming a 'bull flag' pattern on the daily chart, which typically indicates a continuation of the uptrend. They expect a potential breakout to the upside if the pattern plays out as anticipated.

How does the speaker interpret the recent 'bear trap' for Tesla?

The speaker views the recent 'bear trap' as a positive sign for Tesla. The stock should have followed a bearish path after certain levels were broken, but instead, it experienced a strong reversal, which the speaker believes is bullish.

What is the significance of the MACD indicator in the speaker's analysis?

The speaker uses the MACD to confirm trends and potential reversals. They note that when the MACD flips to bullish, it often signals a stronger move to the upside, similar to what happened during previous consolidation phases.

What are the speaker's expectations for the broader market (SPY) and its impact on Tesla?

The speaker expects SPY (S&P 500 ETF) to experience a slight pullback, with the potential for a bullish reversal afterward. They suggest that such a market correction could influence Tesla's movement, possibly providing a buying opportunity.

Does the speaker provide any price targets for Tesla stock?

Yes, the speaker mentions a target of around $375 for Tesla's stock, which could be reached if the stock continues to follow its rising channel and breaks to the upside as expected.