Tesla Stock Price Analysis | Key Levels To Watch for November 7th, 2024

hi this is kri artech with Wicked stocks bringing you your daily Tesla report for Thursday November 7th 2024 let's take a look at the charts I am going to start with this one this is the weekly chart we um we gapped above that 27855 level on uh Wednesday wednes morning of course um you know and I know that we didn't have higher price points uh regrets on that uh but uh if you've been following the video analysis on a day-to-day basis you know uh that uh we're now anticipating the 33628 formation that is our next

objective I've been making that pretty clear I think for the last uh I don't know few weeks uh since we formed that 27855 formation about 3 weeks ago so we are above it now and the daily chart uh it comes in at$ 27992 the same exact formation so this is our base of support 27992 you look here far right uh that is the daily chart 7855 is the weekly chart and 7562 is nothing more than Wednesday's low in other words were we to fall back and close below this formation I would also see want see

us want to close below yesterday's low of 27562 to clearly shift momentum back into the bearish column at least near near term but we're not there right now and where we are is anticipating this 31911 Channel top uh that is you know a 6-month Channel Topp or so I'm going to say over the next two to three weeks uh with present volatility I you know yeah I think next two to three weeks uh and as I've been saying over the next couple of months the 33708 channel top on the daily chart once again on the

weekly chart that comes in at 33628 so that is the that is the upside uh big picture in a nutshell uh no good reason to be short Tesla if you are you want to be long Tesla uh you can anticipate what is a narrowing zone of long-term resistance between 31911 and 33708 they all converge in December over the next couple of months quite possibly by the end of the year uh and you can see the formation here that we settled above yesterday that is kind of the near-term scope 27992 uh and in fact working up

now today uh I do have 29929 is the July high can I find that on a chart somewhere yes here we are so 29929 I have that is a minor Point only and I'll tell you why because there's this newly formed steeply Rising Channel top that is just above it so we're allowing slippage through that 29929 July High we might actually see this today 30030 I'm going to call this um you know under most circumstances under most volatility like we've seen up until yesterday I would call this kind of a one-week Target uh over the

next 3 to 5 days but we could see this today we do have uh yesterday's high of 28959 but you'll see I have 28952 and that is nothing more than uh the low of the high going all the way back to July so we have the you know we've got the January 23 low we have the July 23 High we have yet to retest that a July 23 High I think we'll probably see it today um and in fact on the way up the low of that high we don't have it marked but it did

essentially contain yesterday's highs the high yesterday was 28959 the low of that high which we use a lot in bar chart analysis 28952 this is a long way for me to tell you that 28952 is kind of a soft pivot point today below which we can ease back to 27992 where a buy opportunity presents not only for the day not only for the next 3 to 5 days up to 330 but as I said earlier over the next couple of months up to 33708 all right so that is a big area the 27992 area and

if we happen to push through 28952 if you want to hold out for yesterday's high pushing above 28959 I don't have a problem with that I think either one will suffice in terms of anticipating 3.30 on an intraday basis where a daily high can be placed we may come off of this for several days back into the upper 270s again so if there is a 3 to five day swing trade opportunity on the chart right now uh given the fact that it's incredibly bullish uh I'm going to say you know obviously uh exhibit pretty decent

risk management pretty conservative you don't want to see the market push through 30030 by a wide margin that we can run significantly let me just uh say that if we were to close above 30030 uh then we should within you know that's roughly the same as this 29929 so if we were to close above this area by the end of next week if we close above 30030 this 31911 formation 31893 in the weekly chart likely then by the end of next week and but at that point in time we'd be entering this zone so this

could materialize much faster than the 1 to 2 months I'm saying right now holding above 27992 uh and closing then above 30030 uh we could by the end of next week reach 31911 which is at this point in time you can say the beginning of a wide zone of targeted long-term resistance up to 33708 that may well contain buying through the first quarter of next year let's cover the downside a little bit of course we've got 27992 and on the weekly chart that is 27855 that is your range of support uh and that is buyable

support uh that is an area that can absorb selling uh through the rest of the year actually now if we happen to break 27992 uh the low from yesterday 2756 to is likely and that is our downward Pivot Point uh not only through the rest of the week but over the next couple of weeks if we close today below 27562 and you went long yesterday I I hate to I hate to to break it to you but you you'll need to reverse and get you at least need to get out of your long position uh

unless you want to ride this Market all the way back into the upper 230s to Mid 240s within 1 to two weeks this could be pretty abrupt so if we close below 27562 I see no good reason to stay long Tesla as we move through next week I would then expect this 23735 to 45 a 76 area within this could be a one full week of activity it could take the better part of two weeks depending on volatility we could bottom out here on a weekly basis possibly through the balance of November and um there

is a case to be made I must say this is a longer term 3month channel to and if we close back below $ 27992 as well as 27562 once again you should allow for 22219 is it clearly indicated no but it is actionable if we close back below the 27562 to 27992 region I do think you can set a short that might mean reaching for a 225 strike out of the money put that doesn't expire uh for at least a couple of months this is probably a 3 to 5 we one month play to the

downside with a meaningful support uh in the upper 23 30s the mid 240s able to contain selling pressures on a weekly basis on the way down and we could rotate up from there we'll be sort of nuancing this and dissecting it in the days and weeks ahead if we close below 27522 but until then I'm going to leave you you know with this image this is the daily chart above 27992 no good reason to be short Tesla I'm expecting the 30030 area this week I'm expecting this narrowing zone of long-term resistance between 31911 and 337

708 uh by the end of the year and it could be much sooner as I articulated uh just a moment ago I think that's about it I'm GNA I'm going to call it a day please click like share subscribe check out Wicked stocks.com I'll be back tomorrow with Friday's Tesla you have a great evening