Tesla Stock Analysis | Massive Move | Tesla Stock Price Prediction | SPY & QQQ

Summary

In 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

• 🚀 The video discusses a bullish outlook on Tesla's stock, emphasizing its performance above the $23 level and the 200-day moving average.
• ⚠️ The analysis is for educational purposes only and not financial advice, as stated by Junior Trader.
• 📈 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.
• 🔢 If Tesla closes the week above $23, it would confirm the bullish pattern and potentially lead to further upward movement.
• 📊 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.
• 💼 The speaker suggests that even if Tesla's stock price pulls back to the $210 area, it would still be considered a bullish zone.
• 📉 However, caution is advised as the area around $225 has previously seen high short volume, indicating potential resistance.
• 📈 The overall sentiment for the stock market, including Tesla, is bullish, with specific focus on the S&P 500 (SPY) and QQQ.
• 📊 For SPY, the speaker highlights the importance of staying above the 524 level to avoid a potential bearish head and shoulders pattern.
• 📈 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.
• 📉 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.