hi this is kri arac with Wicked stocks bringing you your daily Tesla report for Tuesday November 5th 2024 let's take a look at the charts I'm going to jump to uh this chart here just to talk about kind of the 3 to 5 week Dynamic we topped out very close to the 27884 Chan top that had been an objective for a week or so I can't remember I go back to this whole sequence of events but in any event uh having topped out near the 27884 channel top you must allow for uh the mid 210s
over the next 3 to 5 weeks or sooner uh which looks something like this 21018 to 21601 that actually becomes more of a 1 to two we objective if we were to close today below 23857 now I could back up a little bit and mention that following the near Miss of the 27884 channel top we'd mentioned how you should allow 2 to 3 we bearish rotation to the 23857 38 downside Fibonacci that is a 38 Fibonacci from the October low against the I'm sorry the August low against the October High We tagged that actually on
Monday came very close I should say 23888 was the low so we missed it by a little over 30 cents and um you know we came off of it nicely but we we fell away just a bit in the later afternoon and so here we are the question begs can we anticipate higher trade into the upper 270s and climbing over the next two to three weeks and I think that is the play now there's no Clarity for that just yet I think that comes with a settlement today Above 24926 This Rising 1/3 Speed Line has
been bumped up to a session containment level it has real meaning if settled above it would be above yesterday's high of 24890 it would also be above a newly form Med short-term descending Channel top that we haven't even drawn out that is also in like the 248 handle so you know if we close above 24926 we kind of have a triple Buy Signal on just a short-term basis I don't mean to overd dramatize it but after having tested 23857 on Monday and if we close above 24926 on Tuesday I think within 1 to three days
we can anticipate not only 26224 which is the low of the high but also 26 919 do I show that anywhere that is the high settlement price on the daily chart no we don't really show that today but just know that going back here the high settlement is 26919 and that is the 3 to 5 day swing trade so if you did not bottom pick 23857 on Monday talking to 3 to 5 day swing Traders you go along with a settlement today above 24926 then anticipating about a 20po move up to 26919 within about 3
to 5 days um that is about it you know and also if we happen to slip back to 23857 today you can bottom pick the market on weakness I'm talking to not only day Traders 3 to 5 day swing Traders but also two to three week swing traders who may already be positioned on the longside following yesterday's test of 23857 38 Fibonacci downside support in anticipation of 27884 I'll also mention that if we close today above $ 24996 not only expecting 26919 within 3 to 5 days but within a couple of weeks uh within not
a full week I think a full week up to 26919 uh inside of about two weeks of closing above 24926 I would anticipate 27884 this channel top well suited to contained buying into December trade by that point and we can fall away again from there in terms of a big picture long-term Buy Signal it would be a settlement above 27884 that should set the market on a bullish path through the rest of the year 27884 is on the weekly chart 27855 and if we close above that channel top you can see this narrowing band of
long-term resistance beginning at 31894 and ending now at 33628 both are climbing they will converge uh by the end of the year in the month of December 33628 is the big picture resistance almost a 2-year Channel top that would be considered a 1 to two Monon Target if we can close above 27855 on a weekly basis but we're nowhere near that ride right now that's not going to happen this week in fact we should address the downside because I'd mentioned how coming off of that upper 270s actually that was a 27353 high but came very
close to testing that channel top I mentioned how coming off of that you need to allow for the possibility of 21601 I've even gone so far as to mention at times you may reach for a 210 2115 strike out of the money put as we are approaching this area right now that premium is pumped up uh given the fact the market has been on a pretty steady downward Pace since then but we could bounce off of 23857 within 2 to 3 weeks up to 27884 perhaps but if we close below 23857 by the end of
next week or sooner 21601 is likely 21601 the beginning of a range down to 21018 that can absorb selling through November even perhaps the rest of the year so your 2 to3 week trade your two to 3we Dynamic your 2 to 3 we swing trade is still one of buying pullbacks at 23857 if you're uncomfortable buying that weakness then you go along with a settlement above 24926 however if we were to uh close below 23857 let me address the downside here today if we break 23857 the 22777 level uh which is this low here I'm
going by memory we don't have it Mark here we are here we are here we are are 23234 is this low actually 22777 I actually do not remember I think it's actually a Fibonacci you got your 38 you got your 50% and you've got your 5/8 and so yes so breaking or opening today below 23857 does indicate 23234 that may be it for the day um if we break 3234 2777 is in reach that is a 50% downside Fibonacci from the August low against the October High in the 38 of course is 23857 but if
we close below 23857 today no good reason to be long Tesla if your time Horizon is 2 to three weeks out uh or less because over that time frame I would expect 21018 to 21601 so um you know I'd mentioned how you know as we were pushing into or approaching this you could set yourself up for a 210 objective and if you didn't do that no wores but I will say that closing today below 23857 doeses offer that as a 1 to2 2 to 3 we uh sell signal opportunity 3 to 5 Day short can
be set down to 22777 even though I think that only will take another day I mean you've seen this happen over the last week we've dropped over 20 points uh and we uh we could do that also by the end of next week or sooner 21018 to 21601 is a solid profit taking zone for anyone with a short position over the time frame of 1 to two months because from here we can round back up into the upper 270s and climbing within 1 to 2 months of testing the 21018 to 21601 region I think that
pretty much rounds it out I'm going to leave it at that please click like share subscribe check out Wicket stocks.com take advantage of our five-day free trial we offer two stock picks a week that cater to the three to five week out to the 3 to five month uh position Trader we're always looking for at least 20% moves on those underlying stocks uh daily triple Q daily spy weekly Apple etc etc check out Wicket stocks.com I'll be back tomorrow with Wednesday's Tesla report you have a great day
