hi this is kri artech with Wicked stocks bringing you your daily Tesla report for Thursday October 31st 2024 but before we check out the charts I just want to ask you to please click like share subscribe and check out Wicket stocks. com where we offer a full Suite of both daily and weekly anal iCal videos just like the daily Tesla and daily Nvidia reports daily analysis in the Spy daily analysis in the triple Q weekly analysis in the S&P 500 Index the NASDAQ 100 index and Apple stock as well as two individual stock picks a week that you never see on YouTube that cater to the 3 to five week swing Trader out to the 3 to five Monon near-term investor always looking for 20% moves or more on those underlying stocks and you get to see all of this for free we offer a 5-day free trial upfront so check out Wicket stocks. com let's take a look at the charts I am going to start with well I'm going to start with this one uh 27723 on the daily chart on the weekly chart that same exact formation is 27581 we've rallied pretty close to it a few days ago and have since Fallen away we can zoom in a bit and show it here and in fact it was on Tuesday that we settled below a simple trend line also closed below the low of the high uh 262.
50 7 now I know we didn't test the 27723 channel top outright but we rallied pretty close to it and because of that and uh f foll ing the near Miss of that we also closed negative on the day that is a sign of an overbought Market at times it's not I would never sell a market based on that alone but when you combine it with the near mist of the channel top I think and especially following Tuesday settlement below the low of the high I think all all all signs point toward the upper 230s by the end of next week and holding below 26234 is your near-term ceiling into next week and Below which 23850 7 likely by the end of next week downside today I do still have 25445 and that is from The Gap low against the the high this week that is a 5/8 downside Fibonacci can contain intraday selling I will say that if we close below 25445 today uh we could tomorrow Friday test 23857 I'd say within a couple of days anyway into early next week that 23857 level is a newly formed downside 38 Fibonacci based on the August low against the high that was put out several days ago this week's high and it may well contain a weekly selling pressures and from there we can round back up into the upper 270s again within two to 3 weeks in fact I will call this the 2 to three week uh time frame buying the upper 230s selling the upper 270s and vice versa selling the upper 270s outright as a short and buying back in the upper 230s uh and I think that that is really what we see here now I've als o mentioned how um this channel top at 277. 49 has a sister Channel bottom if you will had we tested it exactly to the very tick and Fallen away this trend line itself would have been a channel bottom but now we basically construct our Channel bottom using this series of highs and that comes in at 21471 so I'm going to reiterate that you know it is holding below the upper 270s that does allow the uh mid 210s uh by the end of November I think is possible uh certainly a settlement below 23857 our 1 to twoe objective right now uh would then indicate a 21471 within another couple of weeks 21471 can absorb selling through the rest of the year and we can round back up again uh through December from that price point uh so you know am I expecting uh the 21471 level no I'm not but holding below is Sister Channel top if you will in the upper 270s will keep it in play and uh at this point in time I am comfortable anticipating the upper 230s as a 2 to three we Target and following Tuesday settlement below 26234 by the end of next week where we could bottom out through the following week and round back up again into the upper 270s working our way up today if we were happen if we happen to push uh or open above 26234 26919 is in reach that is the high settlement price that was put out uh on um on Friday of last week uh and that could be it for the day but I will say that if we close today back above 26234 the short-term emphasis remains one of being a constructive and within 2 to 3 days 3 to 5 at the most 27723 in reach 27723 is on the weekly chart part of a range of resistance that actually begins at 27581 that can absorb buying um as I say through November possibly the rest of the year and Below which we can fall back over the next month or so into the 210s um it would be a settlement above 27723 that would set up a meaningful Buy Signal through the rest of the year I would expect 31625 within about 3 to 5 weeks 31625 is on the uh weekly chart where is it I know it is somewhere and I apologize for the hesitation here is on the weekly chart at 31611 so let me go back to that uh closing above 27723 signals 31625 within 3 to 5 weeks and 31625 is on the weekly chart 31611 and so you've got very similar structures here we can also say that a weekly settlement tomorrow above 27581 uh would indicate 31611 within 3 to 5 weeks and uh over the next couple of months 33574 likely and in fact the 31611 channel top converges uh in um is it early December with the 3357 4 channel top okay so closing Above This 3758 to 37723 region would essentially indicate I'm going to say the 330s over the following 1 to two months that 33574 by that point in time 2-year Channel top able to contain buying through all of q1 so uh I let me just reiterate and it's not going to happen today but if we were to close above 27723 I see no good reason to be short Tesla through the rest of the year you want to be long Tesla through the rest of the year above 27723 that would also be above 27581 as I would expect by the end of the year this 33574 formation and inversely I don't see after having nearly tested this channel top at 27723 to be long Tesla uh as we move into the month of November uh I'm uncomfortable being long Tesla into November trade because I do think there's the very very real risk this Market can unwind very naturally back into the 210 over the next 3 to 5 weeks that becomes essentially indicated with a settlement over the next week or two below 23857 and that is once again the 2 to 3 we time frame buying the upper 230s selling the upper 270s with a p pivot point in the midst of all that at 26234 solid day trade level and even 3 to 5 day swing trade below which two upper 230s likely by the end of next week above which 27723 within about 3 to 5 days I think that pretty much rounds it out I'm going to leave it at that uh by the way if you're still listening and I hope you are uh Cadence Design Systems we put out a stock pick on Tuesday on that uh very uh that's a that's a solid stock pick you should take a look at you can for free by signing up for Wicked stocks.
