Tesla Stock Price Analysis | Top Levels To Watch for November 15th, 2024

hi this is K artech with Wicked stocks bringing you your daily Tesla report for Friday November 15th 2024 before I jump into the charts I want to mention that on Thursday Wicked stocks.com put out an Amazon uh stock pick you want to check it out it's I know I'm always saying that but we're always we we comb through dozens if not hundreds of stocks and then we find those that are setting up nicely with these Channel structures and Amazon is testing one now and if it closes above it I'm talking longer term bullish continuation we

map out all the targets 3 to five weeks out to you know really more like 3 to five years to the upside uh until then uh we can fall away to well-defined support over the next few months so you can see that for free if you go to Wicked stocks.com we offer a 5-day free trial up front along with your daily triple q and daily spy analysis as well as well I could go on and on let's get back to Tesla the fact that uh Monday of this week we gapped above that significant 33777 2year

Channel top well it's nearly two years it'll be two years in January if you use the January 23 low as the starting point and then it was on Tuesday that we fell back below closed not only below the channel structure itself but also Clos the Gap settle below the low of the high it all added up to a blowout top that I think is still in play anticipating the 27460 to 28314 region um the way things are playing out now this could be by the end of next week uh but I'll still call it a

2 to three week objective below 33777 because there's always the possibility we could rally back into that upper 330s resistance either way that's the way uh you know we see it we also on Thursday close below this former Channel top at 32255 that adds weight to the market 29929 in reach possibly today it is a Friday after all after all uh often times a higher volatility session so in terms of the day trade it is selling 32255 and I really wouldn't buy this uh and I would more likely buy a short position that I've been

holding at 29929 rather than aggressively going long now day Traders sure 29929 an obvious support level the July 23 high that held for well you know a year and a half roughly right uh and so until we took it out about a week and a half ago so it does offer day support I'm reluctant to consider this a support level that can can contain selling through the rest of November into December that may pan out it's too obvious though for me uh but for those of you I I I can see how one could make

the case that this is a level that could be bought uh for more than just a day but when I put it all together and this the subjectivity of technical analysis when I put together the fact that this Market robustly settled above a nearly 2-year Channel top on Monday that should have uh you know I don't want to use the word should have but could have uh implied $ 49939 uh over the next three to five months better part of a year and then that was rejected on Tuesday that carries with it consequences I think

a lot of money poured into the market this is my opinion when we settled Monday above the three well I keep picking on these weekly charts when we settled above where are you the 33777 formation uh I just think uh so now it's getting washed out right uh and you know the short players uh smell a selloff we're in the midst of it and so I'm just going to take us back to you know the day itself 32255 day resistance 29929 day support we do have minor support levels mapped out for you on the way

down uh but I wouldn't fall in love with any of these uh unless you're aggressive day trader you can you can have at it but uh I do see this Market likely to continue South uh to the 29929 uh high today and I wouldn't be surprised I don't know about today but over the next few days we close below 29929 this is where I was saying before we just might see this 27460 to 8314 region by the end of next week and that would be clarified with a settlement over the next day or two Below

29929 in the 27460 to 28314 region if you've been short the market for the last few days this is a solid Zone to take profits I also think you can set a long position here if only for the following 2 to three 3 to 5 weeks back into the upper 330s I don't see longer term bullish continuation likely to play out unless we close above that 33777 formation on the weekly chart this week at 33682 by a full 1% margin I don't think that's going to happen today Friday this would be the day it would

need to do it to close at or above 34018 1% above 33682 then with present volatility I would anticipate 41449 within 3 to 5 weeks but volatility can Wayne ract and this could be the better part of a two-month rally to 41449 but overall closing the week above 33682 by a 1% margin does set up 499.99 as our next longer term objective that I would expect to be reached by the middle of 25 or sooner uh back to the downside this has been our objective this remains our objective I'm going to call it a 2

to 3 we objective and if we close today below 49929 a 2 to3 day objective Ive in the 27460 to 28314 region upside today um you know if we push or especially open above 32255 uh that would certainly allow 33777 uh on an intraday basis uh that is a range that begins at 33682 that can contain buying uh through the rest of November and Below which once again the 27460 to 28314 region remains a 2 to3 week objective um you know and so I could finish with what if we close above 33777 today I don't

see that happening but if we did it would need to be by a full 1% margin above 33682 and then if youve recently went short I'm talking like earlier in the week uh you want to reverse and go long but until then for those of you who are willing who were willing to play the short side following Tuesday settlement below this area which we did recommend uh you're holding out for 27460 to 28314 and by the way if over the next few weeks we close below this area uh we've got we've well I'm not going

to map that out yet I don't want to start making I don't have that chart in front of me but it would be a longer term sell signal into the lower 200s uh within well depends on volatility we'll just leave it at that please click like share subscribe check out wik stocks.com take advantage of our 5-day free trial a firm Holdings was put out on Tuesday Amazon on Thursday onward uh we continue into next week two stock picks a week daily triple Q daily spy weekly Apple stock I could go on and on I'm going

to leave it at that I will be back Sunday Afternoon Of course with Monday's Tesla report you have a great weekend