hi this is kri rtech with Wicked stocks bringing you your daily Tesla report for Wednesday October 30th 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 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'll start with the um daily chart here and show the fact that we came close uh on um Monday I got to figure out what day of the week we're in uh to testing the 276.
50 7 5. 81 uh did did we test it out right no uh but we came close enough where actually on Monday uh when we did come close to testing it we fell back to close negative on the day uh and that was a new high actually uh following uh really the April low we took out the July High by just a bit and so that phenomenon when you push to a new high and then reverse and close negative on the day is in itself a sign of weakness and combined with the fact uh that we came very close to testing the mid 270s resistance uh it was considered a sign of weakness and now what we have is 26245 this simple trend line off the highs uh I like it uh in part because it's consistent also with the low of the high that was put out on Monday I think the the Monday's low was 26224 I'm going by memory there but I I know that it's lower than 6245 and so 6245 is our daily resistance it can contain daily buying pressures and in fact below which I do think by the end of next week with present volatility we can fall back to this new 3/8 downside Fibonacci it's a 38 Fibonacci from the Monday High against the August low and that can contain weekly selling pressures and uh we do have on the way down as we did yesterday 25445 uh you know we didn't test that either we came about a point off of it it is a 5/8 downside Fibonacci from that Gap low uh that occurred last Thursday uh against Monday's high uh and if um you know we test 24545 it may well contain intraday selling pressures holding above 25445 will keep 26245 in reach today and breaking below 25445 I don't see 23857 today but we do have some minor points mapped out for you for those of you who are aggressive day Traders um I don't I can't really say exactly what the objective might be uh we do have a slight uh contraction in volatility so I do not see 23857 uh today but I will say uh it we are expecting 23857 uh by the end of next week or sooner say over the next 3 to 5 days and if we settle today below 25445 we probably will see 23857 uh by Friday's close where we could actually bottom out uh you know uh through next week and from there round back up to 27669 this channel top within 2 to 3 weeks in terms of the 2 to 3 week swing trade 2 to 3 week swing trade selling 27669 buying 23857 buying 23857 holding out to sell for 27669 and inside that we have a session containment pivot point we are below that now so we are expecting 23857 now before we expect uh 27669 however if we were to you know push or open today above 26245 the high settlement price that was put out last Friday at$ 26919 is in reach today and if we close today back above 26245 by Friday's close over the next day or two we should see the 27669 formation where we can top out through November and from there fall back to some variation of Channel support that is presently at 21428 this is really the beginning of range I can tell you that right now the 210s loaded with significant support uh that can and once again I'm going to show this uh that if we if we test 27669 I do think we can fall back by the end of November to really what is this trend line but right now uh because we haven't actually tested 27669 we have to create a channel from the highs that actually do exist and that takes us to 21428 uh and you know is this an objective now I think you can if you haven't already I wouldn't play it just yet but if you did play it uh you know on um Monday when we pushed close to 27669 you can hold that short for the 210s uh I do clearly expect it if over the next week or so we settle below 23857 then it's just another one to two week Target uh where we could actually bottom out through December and the balance of the year so that is kind of like I'll map it out again the two to three week we a two-sided swing trade is buying 23857 and selling 27669 but with respect to 27669 you can also sell that say more than two to three weeks you know more like 3 to five weeks because holding below it or once tested we can fall into the 210 within 3 to 5 weeks of testing the mid 270s let's talk upside you know that if we were to close I don't see this today and I don't think you do either but at the end of the week if we were to close a Above This Channel at 27669 we enter a meaningful Buy Signal so rather than selling the market in the two mid 270s as is recommended and has been recommended now for the last couple of weeks uh you are buying a settlement above 27669 that would then anticipate 31557 within probably 3 to 5 weeks the weekly chart actually shows up quite well uh because you know that um uh the daily Channel top at 31557 on The Daily chart you can see from the April low if you go to the weekly chart you can see the same structure at 31611 so closing above this mid 270s resistance at the end of the week does shift our Focus back into the bullish column clearly as we move through the month of November and really through the rest of the year because 31611 would be expected I think that's a 3 to five week move but by the end of the year and by the way by the end of the year this 31611 converges with 3357 4 Anyway by the end of the year following a settlement above the mid 270s I would expect this 33574 uh 1 and a half almost two-year Channel top in January it will be where we could top out through uh the first quarter of next year so the mid 270s a big pivotal area for those of you who like to trade the 3 to five week out to the 1 to two month time frame you are long the market above 27669 uh which is the same formation we find on sorry on the week chart at 27581 but until then uh being short the market is recommended if you weren't able to do so on Monday with this near Miss then you may have already again on Tuesday with the settlement below 26245 because I do see this 23857 now as a kind of a a two to three we target following the near Miss Monday of 27669 and now that we've closed below 26245 I see it uh you know more as by the end of next week over the next yeah week and a half 23857 in reach where we can bottom out on a weekly basis I could go into the two to three week time frame again uh but I would be repeating myself probably for the fourth time so I'm going to leave it that please click like share subscribe check out Wicked stocks.
