TESLA Stock - Bulls Must Hold Here

Summary

In this Tesla stock update, the presenter discusses recent market movements and technical analysis. They highlight key price levels, like the crucial $320 and $318 marks, and explain how Tesla's stock has struggled after closing below these levels. Despite the downturn, there's still hope for a recovery, particularly if the stock can hold the $305-$306 range and reclaim the $313-$315 zone. The presenter also touches on potential downside risks if crucial levels like $300-$305 are lost. Overall, the analysis suggests that while uncertainty exists, the bulls still have a chance for a rebound.

Takeaways

• 😀 Tesla stock closed below the critical level of 318, signaling potential weakness and concerns for a bullish breakout.
• 😀 The 305-306 region is crucial for the bulls, with a potential for a bounce and a continued bullish pattern if it holds.
• 😀 If Tesla reclaims the 313-315 level, it could signal a breakout and the possibility of a price movement toward 330.
• 😀 If Tesla manages to break above 330, it could potentially move toward $400, depending on market conditions and bullish momentum.
• 😀 Losing the 305-306 region could lead to further downside, with the next major support at the 270s and potentially the 250s.
• 😀 The Fibonacci retracement levels continue to play a key role in determining support and resistance zones for Tesla stock.
• 😀 The MACD and longer-term indicators show a weakening of bullish momentum, but no definitive bearish trend has been established yet.
• 😀 The options market is showing mixed sentiment, with no clear direction between bullish and bearish activity in Tesla's stock.
• 😀 Tesla's stock is consolidating within a pennant pattern, and once resolved, it could lead to a significant move of around $60 up or down.
• 😀 Even though the outlook seems bearish, Tesla hasn't yet lost key support levels like 300, so the bulls still have a chance to step in and reverse the trend.

Q & A

What are the key levels for Tesla stock that the video focuses on?

The video highlights the levels 320, 318, 305, and 313 as crucial for Tesla stock. A close above 320 is bullish, while a close below 318 would signal weakness. The 305-306 range is important for bulls to hold, and 313 is a key level for a potential breakout.

What was the main concern after Tesla stock closed below 318?

The main concern was that Tesla might be experiencing a false breakout, indicating a potential failure in the upward trend. Closing below 318 suggests the stock could struggle to maintain momentum.

How did Tesla stock perform during the day, according to the video?

Tesla stock dropped by approximately 3.5%, closing around $308 per share. This was considered an underperformance relative to the overall market, which had experienced some recovery.

What Fibonacci level did Tesla stock stall at before dropping further?

Tesla stock stalled at the 618 Fibonacci level, holding there for a few hours before continuing to drop further below it.

Why is the 305-306 range important for Tesla stock in the video?

The 305-306 range is critical for bulls to hold as it coincides with the green Fibonacci level. If this level is lost, it would suggest weakness and potentially invalidate the bull flag pattern.

What is the significance of the 313 level for Tesla stock?

The 313 level is important as it acts as a resistance. If Tesla stock can reclaim and close above this level, it would signal a potential breakout from the downward channel, giving bulls a chance to regain control.

What happens if Tesla stock falls below 300-305, according to the video?

If Tesla stock falls below 300-305, it could trigger a chain reaction leading to further declines, potentially down to the 270s and even as low as the 250s, especially if the lower 270 support level is lost.

What does the pennant pattern indicate for Tesla stock?

The pennant pattern is still holding, suggesting that the stock has not yet broken down. As long as Tesla stays above 300-305, the bulls still have a chance to reverse the trend and push the stock higher.

What are the upside targets for Tesla stock if the bulls regain control?

If the bulls manage to push Tesla stock higher, the next target would be the 330 level. A sustained breakout above 330 could pave the way for a move toward $400 per share.

What key factor would signal a bullish move for Tesla stock in the video?

A key factor would be Tesla reclaiming the 313-315 range. If the stock can break above this level, it would indicate a bullish breakout from the downward channel, with the potential for a move back to 330 and beyond.