Transcription
Hi, this is Kri Artech with Wicked Stocks, bringing you your daily Tesla report for Thursday, February 20th, 2025.
Let's take a look at the charts. We'll jump to the weekly chart; this one goes back some five years. It was, um, I don't know if I would call it a head fake. I think, sure, yeah, I'll call that a head fake. What I mean by that is last week we spent a couple of days below that low 340 support, 34838 Fibonacci, 34444 former 2-year Channel top, only to come rallying back the second half of the week and clearly hold close the week last week above 34445.
That maintains stability and the possibility for 506.91. So, I think you can be long longer-term position holders. If you're a position holder who holds Tesla for several months, three to five months, I think doing so being long now above the 3480 to 34444 area, which is your optimal get long range of support this week, does allow 506.91 by the end of the second quarter or sooner.
Our clarifying indication of 506.91 as an outright objective would come on the daily chart with a settlement above the 3998 to 4293 descending Channel resistance. This upper area happens to be in reach now over the next couple of weeks above 35536.
Over the next two to three weeks, above the, um, well, where are we? Hold on a second, I need to find that chart. Yes, above 34444. What is 34444 again? It is this former 2-year Rising Channel top that we broke below last week, did not close below, and because we did not close below it, you must consider the market capable of rallying into the 506.91 region over the next two to three, three to five months.
Holding above 34444 will keep 3998 to 4293 in reach as a 2 to 3 week objective. I've been mentioning this now for the last week or so. Now, we also did close above a descending Channel top on the daily chart yesterday, that is, Wednesday, and that is 34961. You can see it is just a minor point now.
We could bottom out here for the day, but in terms of just sort of maintaining a recent bullish momentum, the potential for this market to continue rallying over the next week or so into next week remains clearly intact above 35536.
So, I think you can buy 35536 in anticipation of 383.51 because this structure will change every day. Not only is it rising every day, but if we push to a new high, we reconstruct it. Bottom line, you can buy 35536 today anticipating the 383.24 Rising Channel top over the next two to three days.
This is the short-term trade: buying 35536, selling 383.24 on the way up. Today, we have that low from early January, 37304, that can contain intraday buying pressures. That's a decent day trade level, but I do think that this market wants to rally here above 35536.
I would sell 37304; I would exit a long position there rather than sell it short. Now, you can do what you like. We just might top out at 37304 for a better part of the day and fall back into the mid 350s, perhaps on an intraday basis.
But, uh, last time I'm going to say it is holding above 35536. I do think over the next day or two, 383.24 is likely. In fact, if we push through 37304 today, we can reach 383.24 on an intraday basis where a daily high can be placed.
So, there is this possibility of buying 35536 and holding out for 383.24 by the closing bell. If we settle today above 383.24, with that kind of volatility tomorrow, we should see our targeted 3998 formation that is part of a range of up to 4293 that may well absorb buying into March.
From here, we can fall back into the mid 340s again within two to three weeks. But closing above 4293, it's what I was mentioning a few minutes ago, is our clear indication for 506.91 over the following month or two.
This could be a 3 to 5 week pop to the upside; it could take a little longer. But closing above 4293 is your next long-term buy signal on strength. Now, longer term, you can stay long, be long anyway above 34080 to 34444, anticipating 506.91 as a clear possibility over the next three to five months.
That clear possibility becomes a clear probability within a month or two of closing above 412.93. I consider the 412.93 level a 2 to 3 week objective, FYI, above 3480 to 34444.
Now, for the downside, if we break to or open below 35536, we should today fall back into the low to mid 340s. Low to mid 340s being 34080 to 34444, where we can bottom out not only for the day, not only for the week, but quite possibly well into the second quarter.
It really is now, I'll address the possibility of closing today below 34080. Under that scenario, we should tomorrow retest at 32510, low from last week. But overall, a settlement tomorrow for the week itself, Friday, below 34080 does set up 24876 as our next 1 to 3 month objective, depending on volatility.
So, closing below 34080 is a sign to get short, at the very least exit your long positions, even if you're a 2 to 3 month position trader. Unless you want to endure a sell-off all the way back into the 240s within a month, two, three at the most, then you can hold it.
But I would exit a long position and consider playing the short side to 24876 within 1 to 3 months, where we could bottom out through the second quarter, even into later year. This is, after all, a classic Rising 2-year Channel bottom that becomes an objective only if we close tomorrow, the week itself, below 34080.
I think that pretty much does it. I want to mention that on, um, on, uh, Tuesday, I'm sorry, Tuesday, Wicked Stocks.com put out a stock pick on Ver of Holdings.
We also put out a stock pick last week on Super Micro Computer. I don't know if you've seen what's happened in that stock since we put out our buy signal. Significant returns already in a week with more to come.
And there's actually a secondary buy signal right now. I don't think I have the chart here. No, I don't. We were going to pop it into the Tesla chart, but we didn't do that; we kind of overlooked it.
But, uh, the Super Micro Computer, we had a buy signal last week, significant follow-through already. And this week, just today, we're in the process of a secondary buy signal. There's plenty of meat left on this bone, so to speak.
And so, you might want to check that out by going to Wicked Stocks.com, taking advantage of our 5-day free trial, where you'll see Super Micro Computer from last week. You also see Ver of Holdings from this week and the next stock pick that comes out later today, Thursday, etc., etc., etc.
Go to Wicked Stocks.com and take advantage of that 5-day free trial. I'm going to leave it at that for Thursday's Tesla report. You have a great day.