Tesla Stock Price Analysis | Key Levels To Watch for November 4th, 2024

hi this is kri artech with Wicked stocks bringing you your daily Tesla report for Monday November 4th 2024 let's take a look at the charts I'll start with the weekly chart uh to show that last week Monday actually we came close to testing this 3month channel top that Springs off the August low 27855 this week all week long uh you I'll show you actually the daily chart the same exact formation 27830 today 27855 all week long we came close to testing it uh last Monday and I'd mentioned following that uh that you should allow for

the two1 over the next 3 to five weeks or so uh and I'll get to that in a moment and that is really you know when you're testing a channel top uh and you know where the channel bottom is uh I always use the word you know allow or attainable not clarified as an objective but it you you have that as an actionable event really so yes you know as you're pushing into Channel resistance in the upper 270s uh and if you're an options Trader for instance you may consider reaching for a 210 or a

2115 strike uh out of the money put uh that doesn't expire for at least a couple of months on a 3 to five we play in fact this is what I see to the downside we've got this channel structure we've got the inside Channel and the extreme channel uh at 20974 to 21558 and this area may be in reach by the end of November and in fact if we as I said last week close below this 38 Fibonacci that is at 23857 that is a static level it doesn't change as long as the August low

and the more recent High remain intact uh I see this as a kind of a a two to 3we objective then if we were to close below 23857 but until then our two to 3-we time Horizon is buying 23857 whether that means you're you're covering a short position that you may have established a week or so ago um or you know whether you're just going along outright I think it's a worthy trade 23857 you can buy that area in anticipation then of upward rotation back to the 27830 a channel top that is the 2 to

3 we play and the 2 to three we play right now to the downside of course is if we were to close below 23857 you can anticipate the 20974 to 21558 region within 2 to 3 weeks this lower area able to absorb a monthly selling pressures possibly into Jan Feb as we could rotate higher off of this area and so let's kind of look at the day itself uh I do I have been mentioning for the last week how after testing or I should say coming close to testing the 27830 channel top we put out

a reversal a mini reversal that day new high actually we pushed through the July High by a bit closing negative on the day is a sign often times of an overbought Market the very next day Tuesday of last week we closed below not only the low of the high but back below this trend line that is now at 26212 which I've reduced to an intraday resistance level now for you 3 to 5 day swing Traders I do see a settlement above 26212 as indicating 27830 within about 3 to 5 days but I don't think especially

For You aggressive Traders I don't think you have to wait for a settlement above 26212 I think a settlement above 25788 should be enough to uh shift our Focus back into the bullish column as we move through the rest of the week and into next uh closing above 25788 I see 3 to 5 day swing Traders can go long into the upper 270s now if you'd rather wait for a settlement above 26212 I have no problem with that either that's a safer bet certainly on an intraday basis pushing through 25788 should yield 26212 intraday and

we could back away from here and if obviously we then close below 25788 we are still then anticipating this 23857 38 Fibonacci uh which is actually in reach today below 24822 so let me break this down a little bit we don't have it all on one page 24822 the downside scenario that's a rising 1/3 Speed Line we slipped below it just a little bit last Friday and if we break or open below it today that is Monday 23857 in reach today 23857 can obsorb weekly selling pressures as I say and once tested we can round

back up to the 27830 uh Channel top within a matter of 2 to 3 weeks uh if we do once again close below the 23857 38 Fibonacci that I'm expecting within two to 3 weeks as I said earlier the 20974 to 21558 area so if we close below 23857 no good reason to be long Tesla into later November uh expecting then the 210s and if we do close below 23857 you may consider reaching for 210 220 strike out of the money puts it don't expire for at least a couple months I would go on this

2 to three week of play Until Then 23857 is a bottom picking Zone near term near term for me is 2 to three weeks out and from there we can down back up to the 27830 formation within about 2 to 3 weeks or so let's cover the upside one more time today of selling 25788 in anticipation if we were to test it in anticipation of another test of 24822 I could have that channel top here I probably should have inversely you can buy 24822 day Traders and sell 25788 day Traders 25788 3 to 5 day

swing track trade perhaps sellable resistance two uh two 3 to 5 day swing trade down to the 23857 level with 24822 kind of your pivot point inside of that if we don't test 23857 today following a break of 24822 just know that if we close today below 24822 we should tomorrow see 23857 where we can bottom out for the week and once tested round back up as I say to 27830 within 2 to 3 weeks or so one more time to the upside and I think if we close above 25788 that is a get long

strategy through the rest of the week and into next uh anticipating 27830 where we could top out through November fall away again from there if you want to wait for a settlement above 26212 before getting long 3 to 5 day swing Traders uh then that is fine by me on the way up we do have 26919 just want you to point just so you know that do I show it on the chart anywhere I do not but it is nothing more than the high settlement price that was put out um uh a week ago Friday

a week ago last Friday so a little over a week ago our high settlement price was $ 26919 if we close above 25788 26919 is likely uh the very next day I think uh within two days anyway and as I say a settlement above 25788 3 to 5 day Buy Signal 27833 until then this is your 3 to 5 Day cell resistance in anticipation of our to targeted 23857 where we can bottom out for the week possibly in a later November round up into the upper 270s but if we close below 23857 then uh you

should expect within 2 to 3 weeks the 210s 20974 to 21558 where we could bottom out uh possibly through the rest of the year I hope that all made sense let me cover one more thing and that is to say that in the event over the next week two or three we close above 27830 I would expect the 310s the upper 310 31739 within about 3 to 5 weeks and within a couple of months this is the weekly chart showing the exact same within a couple of months of closing above 27855 possibly by the end

of the year this 33628 a nearly 2-year Channel top anticipated on the way up we have that 31893 formation which I showed earlier on the daily chart in the 317 area uh this area is rising and converges by the end of the year with 33628 anyway so that's why I'm comfortable saying that if we were to close the week above 27855 you can go long Tesla over the next couple of months into the mid 330s until then our Dynamic is really a two-sided one uh between 27855 upside and the 20974 to 21558 area downside that

is the big picture play that is the two-sided framework once again uh selling 27830 through November anticipating uh the 210s uh within um you know 3 to five weeks perhaps make that two to three weeks with a settlement below 23857 and I think that pretty much rounds it out I just hit the 9 Minute Mark I don't like to go 10 uh please click like share subscribe check out Wicket stocks.com take advantage of our 5day free trial you can see our weekly stock picks our daily triple q and spy analysis weekly Apple stock anal is

etc etc I'll be back tomorrow with Tuesday's Tesla you have a great day