TESLA Stock - Bulls vs Bears Battle, Who's Winning?

Summary

In this Tesla update video, the host discusses Tesla stock's recent movement and potential future trends. They analyze technical aspects like Fibonacci levels, support, and resistance, highlighting key price points such as $320 and $315. The host discusses short-term bullish outlooks with possible retracements, while also considering market conditions such as upcoming jobless data and earnings. They outline a longer-term perspective, expecting further consolidation within a large pennant pattern. Emphasis is placed on key price levels, and the analysis suggests a potential for upside movement, provided the stock holds above critical support zones.

Takeaways

• 😀 Tesla stock showed a respectable 3.5% increase, closing just shy of $322, with mixed performance in recent times.
• 😀 Key upcoming data points, including jobless claims, could influence market movement over the next few days.
• 😀 Tesla's chart suggests bullish behavior, especially after the small bull flag breakout on the 1-hour chart.
• 😀 A major support level for Tesla stock is around $320, with $315 being the next key support range if it breaks lower.
• 😀 A potential retracement to $320-$315 could present an opportunity for new trades or positions for bulls.
• 😀 If the stock drops below $315 or $313, the outlook turns bearish, and a further decline toward $270-$240 is possible.
• 😀 The 1-hour SMI (Stochastic Momentum Index) is currently overbought, which may lead to a small correction before any continued upward movement.
• 😀 The target levels to watch for upward movement are around $325 and $330, with potential to approach these levels ahead of earnings next week.
• 😀 Looking at the longer-term daily chart, the stock could create a larger bull flag before earnings, potentially moving toward $340 post-earnings.
• 😀 The big picture shows that Tesla is within a massive pennant pattern, and until it breaks out, major price movement either way is unlikely.

Q & A

What was the main focus of the video?

The video focuses on analyzing the current state of Tesla stock, including its recent performance, potential market movements, and technical analysis for the upcoming days, with attention to key support and resistance levels.

What was Tesla's stock performance on the day of the update?

Tesla's stock was up 3.5%, closing just shy of $322, showing a decent performance after a period of minimal movement.

What support levels should Tesla stock be watched for, according to the analysis?

The primary support levels to watch are around $320, with the next level of support at $315. A breach below $315 could change the short-term outlook for the stock.

What is the potential scenario if Tesla stock breaks below $315?

If Tesla breaks below $315, the outlook would shift bearish, and the stock might retrace further, possibly approaching $305 or lower.

What key data points were mentioned as important for the upcoming days?

The video highlights upcoming jobless data and other market data points that may influence Tesla's stock price and general market conditions.

What type of chart patterns did the analyst mention for Tesla stock?

The analyst mentioned a small bull flag pattern on the 1-hour chart, suggesting potential for further upward movement if the stock maintains above key support levels.

How does the analyst view Tesla's longer-term outlook based on the chart patterns?

The longer-term outlook seems bullish as long as the stock stays above key support levels. The analyst expects potential upward movement, especially toward the mid-to-high $330 range, before earnings are reported next week.

What is the significance of the Fibonacci levels mentioned in the analysis?

The Fibonacci levels were used to identify potential retracement zones, with the analyst expecting Tesla to retrace to $305 as a key target. However, the stock didn't reach that level and stopped closer to $310.

How did the analyst interpret the recent bearish engulfing candle?

The bearish engulfing candle was not seen as significant because it was not validated by a close below the low of the previous candle. Until the price closes below that low, the bearish signal is considered inconclusive.

What are the potential risks with Tesla stock, especially in the context of earnings?

Earnings reports are a high-risk event that could lead to significant volatility. The analyst does not predict the earnings outcome but suggests the stock could either continue its upward trend or face a correction depending on the results.