TESLA Stock - Last Chance For TSLA Bulls

Summary

In this Tesla update video, the presenter discusses the current state of Tesla's stock, offering an analysis of recent price movements and key technical levels to watch. They cover the recent drop of 4% in Tesla's share price, the failed breakout attempt at $333, and the possibility of a continuation downward if certain support levels break. Despite the bearish outlook, the presenter highlights a potential final opportunity for bulls to reverse the trend. The video emphasizes important price points to monitor, from potential support at $313 to the resistance at $333, and discusses the broader market dynamics influencing Tesla's stock.

Takeaways

• 😀 Tesla stock is currently down 4%, closing around $316 per share, with resistance at $333.
• 😀 The stock recently experienced a false breakout, with a potential rising triangle pattern that broke down.
• 😀 Bulls still have a chance if the support level around $313 holds, allowing for a potential bounce towards $330 and beyond.
• 😀 If the stock breaks below $313, it could signal further declines, possibly down to $300 or even the $230s in the worst case.
• 😀 The current situation resembles a 'dead cat bounce,' where short-term gains may lead to further declines.
• 😀 Key levels to monitor are $313 for support and $333, $347–350, and $400 for resistance.
• 😀 The stochastic indicator remains below 60, indicating weakening momentum, which adds to the bearish sentiment.
• 😀 Tesla is in a delicate spot, with a very real bullish and bearish path depending on whether key levels hold or break.
• 😀 A comparison is made to Nvidia’s past drop and recovery, highlighting that Tesla could follow a similar pattern of temporary rebounds followed by further declines.
• 😀 The final opportunity for bulls lies in maintaining support around $313 and breaking the resistance at $333 to reclaim bullish momentum.

Q & A

What is the main topic of the video?

The main topic of the video is an update on Tesla stock, including its recent performance, current trends, and potential future movements.

What does the video creator offer in their YouTube membership?

The creator offers daily updates on Tesla stock, with different membership tiers providing access to additional content, such as updates on Nvidia stocks and non-Tesla stocks.

What happened to Tesla stock on the day the video was recorded?

Tesla stock was down 4% on the day, closing at approximately $316 per share, following a failed breakout attempt above the $333 resistance level.

What was the potential bullish pattern the creator identified on Tesla's 1-hour chart?

The creator identified a rising triangle pattern that could have resulted in a bullish breakout, but Tesla's price broke down below the support level instead.

What key level is considered critical for the bulls to maintain hope in a recovery?

The critical level for the bulls is the low from Friday, around $313.50. If this level holds, the bulls could still attempt a bounce and break above the $333 resistance.

What would happen if Tesla's price falls below $313?

If Tesla's price falls below $313, it increases the likelihood of further declines, potentially leading to a drop to around $300 or even lower, depending on the speed of the move.

How does the creator view the recent move in Tesla stock in relation to a 'dead cat bounce'?

The creator suggests that Tesla's recent bounce could be a 'dead cat bounce,' a temporary recovery after a sharp drop, which may not result in sustained gains.

What does the creator compare Tesla's current situation to, and why?

The creator compares Tesla's current situation to Nvidia's past performance, where after a sharp drop, the stock experienced a brief recovery before continuing its decline, illustrating the potential for a similar pattern in Tesla.

What are the critical support and resistance levels to watch for Tesla stock?

The key support levels are $313, $300, and $270, with potential downside targets reaching the $230s. On the upside, breaking $333 could lead to $347-$350, and surpassing $350 could bring Tesla closer to $400.

What is the creator's outlook for Tesla stock in the short term?

The creator's outlook for Tesla stock is mixed. While they acknowledge the potential for a bullish bounce if key levels hold, they also warn that breaking crucial supports could lead to a bearish scenario, with significant downside risks.