Transcription
Hi, this is Kri Artech with Wicked Stocks, bringing you your daily Tesla report for Tuesday, February 4th, 2025.
Let's take a quick look at the big picture. These are our long-term support and resistance parameters: the 343.35 former 2-year channel top and the 505.84 5-year channel top. We trade inside of this wide band into the middle of the year. Perhaps I don't expect either of those yet that would come into play.
I'm just going to jump to the downside right now. The 343.35 level becomes a 1 to 3 we target, depending on volatility. Excuse me, if we were to close today below this 375.53 2E channel bottom, that is a structure we slipped below yesterday. Certainly, we didn't close below it; it remains buyable support holding above 375.70 over the next 2 to 3 weeks or sooner.
Continuing in that vein, we do have 401.34 today as your sellable intraday resistance. So, you know, we tested the 375.53 channel bottom. The market is now poised for recovery over the next 2 to 3 weeks. Today, potentially 401.34, that would be a gap closing rally.
401.34 is nothing more than last Friday's low. We could potentially top out there for the day, and if we close today above 401.34, 441.3 is likely tomorrow. This descending two-week channel top is able to contain daily highs, and if settled above our 2 to 3 week objective at 440.97, then likely inside of 3 to 5 days at 444.7, which is a 2 to 3 week objective.
Once again, above the 375.00 formation at 444.7, we can tap out for a week. From there, the market is prone to bearish rotation back into the mid-370s, again the 375.00 channel bottom. But if over the next few weeks we close above 440.97, that would set up, as I mentioned earlier, the 505.01 we target.
You can actually see it here: 444.7 is this mostly horizontal channel top able to contain weekly buying pressures, possibly into later February. If settled above, you can see 2 to 3 weeks looks pretty realistic for 505.01 to break or open below 375.00.
355, sorry, I don't know exactly what 355.82 point 3.5 is our downside Fibonacci level. No, no, no, no, no. I'm sorry, sometimes these numbers just become overwhelming. So, if we close below 375.00, I am only anticipating—I'm not expecting 324.08—but I am expecting 343.15, this long-term former 2-year channel top we settled above a couple of months ago.
Well suited to contain selling, not only through February but even through the second quarter. From here, we can round up again. I think that pretty much rounds it out. I apologize; I like to cover everything, and I forget quite honestly what 355.59 is, but I think it's this high going all the way back to November.
If we break, or especially open today below 375.53, if you want to add 373.04, the early January low in the mix as the level that if broken would indicate 355.59 intraday, I'm fine with that. But I do think on a settlement basis, closing below 375.53 does set up possibly this week 343.15, that long-term channel top that we settled above a couple of months ago.
In reach, possibly this week, next 2 or 3 weeks at the longest, able to contain selling pressures as we move into possibly through the second quarter.
So, I'm going to say one more thing. That is to say that if we close below 375.00 and your time frame is 3 to 5 days out, I see no good reason to be long Tesla because we should then fall all the way back into the low 340s.
Inverly, you may have actually bought the market on Monday when we tested that channel bottom. That was the idea, and above which 3 to 5 day swing traders remain long to 441.3. 2 to 3 week swing traders remain long up into the low 440s, 440.47.
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That is all I've got. I'll be back tomorrow, of course, with Wednesday's Tesla. You have a great day.