Tesla Stock Analysis | Massive Move | Tesla Stock Price Prediction | SPY & QQQ
Summary
TLDRIn this video, Junior Trader discusses Tesla stock, emphasizing its bullish momentum above the $23 level and the 200-day moving average. He highlights the inverted Head and Shoulder pattern and the potential for a continued uptrend, targeting $214 and then $225, while cautioning about high short volume near $232. The analysis also covers the S&P 500 (SPY) and the NASDAQ 100 (QQQ), both showing strong bullish patterns with key support levels identified. The video concludes with a bullish outlook for the market, as evidenced by the strength in Tesla's hourly chart.
Takeaways
- ๐ The video discusses a bullish outlook on Tesla's stock, emphasizing its performance above the $23 level and the 200-day moving average.
- โ ๏ธ The analysis is for educational purposes only and not financial advice, as stated by Junior Trader.
- ๐ Tesla's stock has surpassed a critical resistance level of $23, which is also the neckline of an inverted Head and Shoulders pattern on a weekly interval.
- ๐ข If Tesla closes the week above $23, it would confirm the bullish pattern and potentially lead to further upward movement.
- ๐ The next resistance level mentioned is $214, which is a previous pivot point, and there is a convergence of the 20 and 50-day moving averages.
- ๐ผ The speaker suggests that even if Tesla's stock price pulls back to the $210 area, it would still be considered a bullish zone.
- ๐ However, caution is advised as the area around $225 has previously seen high short volume, indicating potential resistance.
- ๐ The overall sentiment for the stock market, including Tesla, is bullish, with specific focus on the S&P 500 (SPY) and QQQ.
- ๐ For SPY, the speaker highlights the importance of staying above the 524 level to avoid a potential bearish head and shoulders pattern.
- ๐ QQQ is also in a bullish structure, with the speaker mentioning a resistance level of 474, although not heavily emphasizing it due to strong bullish candles.
- ๐ The speaker advises to manage positions with a stop loss on the opposite side of the bullish structure and to take partial profits during extensions.
Q & A
What is the main focus of Junior Trader's video?
-The main focus of the video is to perform a price action analysis on Tesla stock.
What is the significance of Tesla stock being above the $23 level?
-Tesla being above the $23 level indicates a potential upside play and is a positive signal for bullish investors.
What does the 200-day moving average signify in the context of the video?
-The 200-day moving average is a technical indicator that, when crossed above, can suggest a long-term upward trend for Tesla's stock.
What is the inverted Head and Shoulder pattern mentioned in the video?
-The inverted Head and Shoulder pattern is a bullish reversal chart pattern that signals a potential upward price movement after a downtrend.
What is the importance of closing the week above the $23 level for Tesla's stock?
-Closing the week above the $23 level would confirm the neckline of the inverted Head and Shoulder pattern, reinforcing the bullish outlook.
What is the next resistance level mentioned for Tesla after $23?
-The next resistance level mentioned is $214, which is a previous pivot point and also where the 20 and 50-day moving averages converge.
What does the video suggest about the short volume percent on Tesla reaching 47?
-The video suggests that a 47% short volume percent indicates significant short selling interest, which could impact Tesla's stock price.
What is the hourly interval analysis showing for Tesla's stock in the video?
-The hourly interval analysis shows some signs of a slowdown but also indications of the stock attempting to rise again, which is a positive sign for bullish investors.
What is the target price level for Tesla if it continues to stay above $210?
-If Tesla continues to stay above $210, the next target price level to watch is $225.
What advice does Junior Trader give regarding taking profits and managing positions?
-Junior Trader advises taking partial profits at higher extensions and reloading into pullbacks with a stop loss on the other side of the bullish structure.
What is the overall sentiment expressed by Junior Trader towards the market and Tesla's stock in the video?
-The overall sentiment expressed is bullish, with Junior Trader being happy about the strong market performance and the rise in Tesla's stock.
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