hi this is krie rtech with Wicked stocks bringing you your daily Tesla report for Tuesday October 29th 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 analytical 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
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you know the 1% violation threshold rule um on six-month line study so I can't say ah we pushed within 1% of it I mean we did um but that doesn't really count we came close to testing 27615 the takeaway that I have is the fact that we also then closed negative on the day below the high settlement price that was put out actually on Friday that is the highest this Market has closed $ 2699 uh since uh well in in let me go back to the Chart here back to uh the um well let's see
here yes uh that was the Friday settlement price I'm mumbling here uh the highest we've settled uh since that April low of earlier in the year so that's significant we we we revers and Clos negative on the day we pushed through all that closed negative on the day now we could bounce right back to 27615 today holding Above This 26256 level so we have this as a session containment level there are other things going on in here I mean uh for one thing we've got you know yesterday's low of 26224 but we're rounding up just
a little bit to 26256 if we open above it $ 26919 uh which is that high settlement price uh that was put out on Friday in reach in Easy reach uh we can tap out here in today and yes if we push through 26919 you should anticipate 27615 today which is preceded by the same exact formation on the weekly chart at 27581 as as I've said this is an area 27615 that can contain buying through November and from here we can fall back to channel support that is presently at 21384 possibly by the end of
November by the end of the year anyway it depends on volatility and how quickly the market Falls from these present price levels but um you know you know setting a short at 27615 is the recommended course until proven otherwise and proven otherwise would be a settlement above 27615 then it is reverse and go long you'd go long really probably through the rest of the year because not only what I expect within 3 to 5 weeks that 31510 level uh but also uh which is 31611 on the weekly chart but also 33574 this area actually all
converges later in the year so it really is kind of a 33574 structure that would be expected by the end of the year if we were to close above the 27581 to 27615 region so keep that in mind if we close above 27 7615 today and I don't think it's likely but if so uh this Market enters another significant buying phase that should yield and I'll just go back to the weekly chart this narrowing zone of resistance between 31611 and 33574 by the end of the year where we could to out through the first quarter
of 25 but not until we close above that mid 270s until then we have for all intents and purposes come very close to testing it Fallen away closed negative on the day with with 26256 a meaningful Pivot Point here through the rest of the week if we continue closing above this simple trend line that correlates well with other elements on the chart um you know if we continue closing above it 27615 remains in reach over the next 1 to three days intraday with a push above 26919 but uh downside if we break or open today
below 26256 25445 is likely today that is a 5/8 downside Fibonacci just over the last few days you've got that significant Gap low here uh or that Gap that low from last Thursday there are other things going on in this vicinity you remember that Rising Channel bottom we closed back above a few days ago you know so I I do think if we break or open below 26256 25445 is likely today and if we close today below 26256 you can anticipate what is a new 38 downside Fibonacci uh within a week or two by the
end of next week I'd say at the latest so this is your uh 3 to 5 day swing trade is 26256 above which 2765 is likely over the next 1 to three days below which 23857 by the end of next week or sooner I like this new 38 Fibonacci I like how it dissects through a lot of this lwh High trade here over the last couple couple of months uh it is based on the August low against today's I'm saying I'm recording this on Monday of course uh August low against Monday's high 23857 is 38
downside Fibonacci and I do think by the end of next week or sooner it is likely um if we close today below 26 256 I'm also going to go out in a limb as I kind of implied in the beginning of this video that having come very close to testing the mid 270s anyway on Monday does allow meaningful bearish rotation now as we continue into November trade so keep that in mind the market is poised uh for Meaningful bearish rotation back to a channel support this is going to be one of several structures that is
now at 21384 um and I see this as a as a 1 to two month possibility and let's say that if we close below 23857 a 2 to 3 week probability 21384 but I do think and I've been saying this that as we push into the mid 270s we got to 27353 yesterday you can uh exit long positions and set us short set us short at this point in time over the 1 to two week time frame down to 23857 and um over the next say 3 to five week time frame down to 21384 I
think that is the play now at hand unless we close above 27615 then it reverses entirely into uh really what is the 330s now and climbing 33574 I hope that all made sense I'm going to leave it at that I'm going to leave it at that please click like share subscribe check out wiget sox.com take advantage of our 5-day free trial daily triple Q daily spy analysis two stock picks a week uh check us out I will be back tomorrow with Wednesday's Tesla report you have a great evening
