Transcription
Hi, this is Kri Artech with Wicked Stocks, bringing you your daily Tesla report for Monday, February 3rd, 2025.
Let's take a look at the charts. Actually, before I get into all this, I just want to mention that last week we put out two stock picks: Akon Ross Gold Corporation, a big gold and silver producer out of Canada. This big gold rally is having its effects; that stock is on the precipice of a significant long-term buy signal. We give you all the parameters for free if you go to the wickedstocks.com website and take advantage of our 5-day free trial.
Also, last week was Equifax Corporation. We'll do two more this week and two more the following week. Every week, we do two stock picks that cater to the 3 to 5 week and 3 to 5 month time horizon. You'll also get daily QQQ, daily SPY, weekly Apple stock analysis, and weekly S&P 500 and NASDAQ 100 for a very reasonable monthly price. So check out wickedstocks.com.
Now, on to the Tesla weekly chart. These are the parameters: specifically, 343.15 support, which is a former 2-year channel top that we settled above a couple of months ago, and 505.84 resistance, a 5-year channel top that we came close to testing about a month and a half ago. These are our parameters as we continue through the second quarter.
Buying at 343.35, if given the opportunity, and selling at 505.84, if given the opportunity. We just don't have a signal for either one right now. That would come, and I'll show you these levels in a moment. If we were to close in the next couple of weeks above 446.06 or below 377.72.
The 446.06, I'm going to jump to right now because that is an image you're probably familiar with. If you watch Tesla on a daily basis, you know that we had a buy signal last Friday when we opened and closed above this roughly descending channel top that today is at 396.47.
So we still have a 3 to 5 day swing trade upside objective at 446.06, so long as we're above 396.47. You can buy at 396.47, anticipating today once again 419.75. That is the low of the high from a couple of weeks ago that can give the market trouble. But I do think it's likely to be violated today.
If we do not violate 396.47, I think there's a good chance we'll take out 419.75. But 419.75, I'm not trying to dissuade you from playing it. Aggressive day traders, it is definitely a short sell level. But be careful because we're expecting 446.06 over the next 3 to 5 days.
If we close today above 419.75, within 1 to 3 days, depending on volatility, 446.06 is likely. At 446.06, profits can be taken on day trades and 3 to 5 day swing trades. You can even play the short side. I'm talking 3 to 5 day swing traders, 2 to 3 week swing traders, because from here we can rotate back to what would then be channel support, which is now nothing more than this trend line in the mid-380s.
So that would be the play: selling in the mid-440s, anticipating then the mid to upper 380s within 2 to 3 weeks. Now, if we do close above 446.06 over the next week or two, it's certainly not going to happen today. But if over the next couple of weeks we close above 446.06, as I mentioned a moment ago, I would expect that much more significant 505.84, the 5-year channel top, where profits can be taken on a 2 to 3 week swing trade to the upside.
Above 446.06, you could even play the short side longer term. You can play the short side perhaps over the following 2 to 3, 3 to 5 months back into the 340s. That covers the upside pretty well.
Let's get back to this chart. In the event we break or open below perhaps 396.47, this newly formed descending channel bottom at 377.72 is in reach today. So once again, I just want to mention that if we break or open below 396.47, you should allow for 377.72 intraday.
377.72, this newly formed roughly 2-year channel bottom, lines up well right now with the low area from late December to early January. I think this is an early January low. 373.04 was the low itself, and 379.28 was the low settlement price following that December high.
377.72 sort of intersects right in the middle. It is solid support and can contain weekly selling pressures. From here, we can round up to some variation of this 446.06 channel top.
So what do I mean by that? You know, that channel top at 446.06 is based in part on this series of lows that were put out Wednesday and Thursday of last week. But you know, if we happen to test 377.72, that will throw that channel top off, so it would be lower.
I'm just going to say some variation; it'll be in the 430s or 440s. You can buy at 377.72 as a 2 to 3 week swing trade back up into the 430s or 440s. We'll see where that channel top is; it depends exactly on where the low is. Then we just would draw a trend line across and project against that intermediate high, and there you have it.
So I will say though, I'll take you back to this chart. 377.72, if settled below, does set up 343.35 as our next 1 to 3 week target, depending on volatility. If it's a high volatility sell-off, that could be within 3 to 5 days. But it would be 2 to 3 weeks with more restrained volatility.
Closing below 377.72 is the short play on a 1 to 3 week time frame down to 343.35. Until then, your 2 to 3 week swing trade is once again buying at 377.72 and selling at 446.06.
And inversely, selling at 446.06 and buying, I'll just say it again, some variation of 377.72. This is what I call the dynamic approach to trend identification because the numbers change, the structures change with the highs and the lows.
And so this is what is setting up right now. You can buy at 377.72 in anticipation of some variation of this 446.06 channel top. It'll be lower than that, just so you know.
Let's see, anything else to say? I don't think so. These are the parameters. Even on a day trade basis, closing below 377.72 sets up 343.35 as a 1 to 3 week target where we could bottom out through February and even well into the second quarter.
Inversely, closing above 446.06 is a 2 to 3 week buy signal up to 505.84. The 446.06 level is a bit more relevant as I speak because of our holding above 396.47.
It can be bought on a 3 to 5 day swing up to 446.06. But if we break, you know, if we break 396.47 today, we could test 372.72 today. That would be a wild swing, but it is certainly possible. Breaking, especially opening below 396.47, sets up 372.72.
If we close below 396.47, you can at least anticipate 377.72 tomorrow, where we can place a weekly low. Yet if settled below, 343.35 becomes our next 1 to 2 week objective.
Is there anything else to say? I don't think so. Please click like, share, subscribe, and check out wickedstocks.com. I'll be back tomorrow with Tuesday's Tesla. You have a great day!