hey guys what's up and welcome to a new Tesla update video so today as usual let's go over Tesla let's go over the market let's figure out what has happened so far what we can expect moving forward and all that good stuff so as usual if you enjoy don't forget to hit that like button that's help a lot this is not Financial advice I am not a financial adviser and of course my membership section on YouTube is live the link is below getting myday thoughts on Tesla and whatnot as it's moving throughout the day so if you're interested on that link is below $3 a month but jumping right into a Tesla closing the day down unfortunately about 1.6% which of course uh compared to the market is a slight underperformance but that is going to be putting us at pretty much $259 almost dollar per share just shy of that uh which obviously is a break down below 260 so we'll discuss this we'll talk about what this all means and you know moving forward and if this is good or bad so starting things off pretty simply here right looking at the daily there's a few things to note here right we talked about how you know we did reach the top of this overall you know Blue Line this kind of resistance area right and this is technically an area to potentially resist but we're also in this ascending Channel or I guess ascending I guess you can call it a channel honestly uh right over here right if you make another line like this right you can kind of make an argument that we're in this kind of you know rough channel that look something like this right to make a second line there that's number one number two is you know we did come down below 260 right so that's number one we did come down below 260 we did not break below the blue line and we're still kind of bouncing in between CPI did come in today slightly hotter than expected by I believe uh literally just one. 1% I believe it was nothing too crazy but nonetheless still hotter now Tesla right so we came down we actually went below the blue line right a little bit just you know temporarily and then of course we ended up recouping it back up pretty quickly which is a good sign to see I'm trying to move this but it's like not being cooperative here something like this right we did actually uh pretty much go right back above it thankfully we bounced right where we needed to you know it was very close it was a close call but we did bounce on important levels right we of course bounced off of the 21 emo which is right here you can see beautiful bounce so far which is a good sign for the Bulls right the fact that we held that is great don't forget this is also Al 255 is is about uh is rather a good support area as well from previous areas right you can see here here right a lot of you know support and resistance from the passive trading on the stock right so that's naturally just an area now that is a support and as if that wasn't enough is of course there also a high volume area as you can see well over here right this general area you can see how much higher the volume profile here is around this kind of General level we're trading in right now and especially once we drop into below like 257 roughly right 255 you know as low as 25 to this kind of chunk of area that we bounced in is the highest volume profile area that we have as well so you know overall what I'm saying is it's a nice area of support and that's exactly what I told my members right over uh here right we're still entering a good area of support but if we get a daily closure be below this candle this is what it look like right that'll be of course pretty bad news and unfortunately for the Bears we didn't but thankfully for the Bulls we didn't as well so that's a good sign move this quickly right so that's a good sign now what does it mean moving forward so there's a few things right we also want to look at a couple other things uh that's not Tesla related but it does affect Tesla so let's go over that super quickly just to get that sort of out of the way we talked about QQ I believe I said this to you guys the other day how it's essentially a large bull flag on the weekly right you can see right here right beautiful little bull flag that's setting up and QQQ overall is looking pretty darn good but it is getting rejected at the top of this channel which is also what I talked to my members about right over here finding rejection at the top and I talked about it right over here how you know it's approaching a potential large resistance point and that's exactly what happened 373 roughly and of course it went down three points from there right at the top of this overall bull flag it's still looking good and it's still technically a bull flag it's just of course finding a resistance now at the top of this downward Channel if you will which of course is the actual bull flag itself that's number one number two this is something you want to look at a little bit more overall is going to be the vix right the vix if it ever starts closing candles above 20 or higher that is going to be very very crucial to pay attention to because if it does that's going to be a breakout that's going to be bearish for the market and the market most likely will see a tumble including Tesla of course right this is why I brought up QQQ because if QQQ gets rejected here it can of course bring Tesla down as well but on the flip side if QQQ breaks out of this bu flag to the north side which in this case will be somewhere around 374 or higher really that'll be good for Tesla and that'll help carry Tesla up as well right it's like you know Rising tide lifes all boats sort of concept right you know what I mean so that's kind of the idea and that's why I'm bringing that up but moving back to Tesla there's a few things to talk about like I said so we didn't break below uh the Blue Line either Blue Line really we got rejected at uh both of them technically if you will got rejected from the bullish angle up here we got rejected from the bearish angle down here and now we're still sandwiching in between now tomorrow needs to be a green day because if we don't get a Green Day tomorrow we're going to start falling out of this little channel right or this little you know Rising channel that we're in right this little congestion period right here so that's going to be important to pay attention to because if we start falling out of this that's going to mean that there is seemingly one more room or one more uh rather move to the downside that is still going to happen right and like I said this yesterday if that were to happen I believe that'll bring us down to the bottom of this over overall channel on The Daily or weekly whichever you want to look at it which again will bring us down to about $240 per share assuming we come down to retested one more time but with that being said we also don't want to be falling below $240 per share because that is number one just a really good support level which we did bounce at over here not too long ago let me zoom in right that right over here right this was the General 240 level we just bounced off of you know a very nice bounce too actually but so that's a good area just just important area of support but in this case because this is of course a rising channel that we are in or ascending Channel I got to sneeze one second or not yeah excuse me right because this is of course a an ascending Channel naturally this kind of you know barrier of I guess this important level that we can't break below is going to keep ascending with us right and in this case if we are going to be coming back down to retest this overall you know red line down here which is in the ascending Channel that's going to be putting us at about $240 per share and in this case if we fall below that on top of it being a good support area that's important to hold that's going to be starting to uh you know show like we're falling out of this overall ascending Channel and that's going to be very bearish and that is going to potentially mean that the next couple months will be very very bearish just food for thought doesn't mean it's going to happen right but of course it's important to understand and I think this is I think I think what might happen is this I really wouldn't be surprised if earnings has us actually dropped back down to about 240 makes a massive bear trap over here and looking like we're about to break down people get scared they Panic sell whatever the case may be right they're just you know panicking and then it sets up a massive bear trap get a beautiful bounce and then I think from there we're going to start making you know some you know very nice runs for the rest of the remainder of the year that is kind of what I'm personally projecting right now I'm kind of guessing in my head right now that that that kind of just makes sense like I I can see the market makers doing something like that I can see the market doing something like that right just it just makes sense to me I don't know why but it just does again doesn't mean it will that's just complete guess of course but wouldn't surprise me if that's kind of how it plays out honestly but with that being said until we of course break out of one of these blue BL lines nothing is really truly confirmed so just take that for what it's worth now on the flip side like I said if we break above this blue line we're going to be retesting this overall red trend line which again is also descending which means that the level to you know break it becomes less and less uh the longer it takes to retest it one more time and this case if we were to do it relatively soon it will be somewhere around the mid to slightly high 270s to break through it and if we do that's going to be very bullish that's going to make us um just overall a very bullish scenario right we're going to be breaking breaking out of a massive downtrend that started at alltime highs and that will be setting us up for a great rest of the year and potentially even 2024 which is going to be fantastic to see and I think that it has a higher probability of happening than the bearish side of falling out from this channel to the downside obviously I'm not ridiculously confident of the bullish side but I do think it's slightly more favorable personally in my opinion now the next thing we should look at very quickly is of course going to be the squeeze indicator we talked about this yesterday how we'll uh be you know paying attention to this indicator and how we could potentially be showcasing that a squeez is on its way way now also want to make something clear squeeze doesn't always mean squeeze to the upside it could be to the downside I just use the word squeeze as a way to describe the fact that there's a lot of pressure building and it's getting very tight and it's about to explode that's to me what a squeeze means it doesn't have to be to the upside it could very well be to the downside just want to make that very clear but we did get officially a second red circle and you can see the bars are now starting to get into like you know the blue bars and the orange bars over here right they're starting to go into a neutral state which is very common to happen once these squeezes start to happen until this shows us the direction so for instance if we start seeing consecutive red circles let's say for the next two more days or even three more days maybe like up until earnings or something like that which is on Wednesday of next week right and let's say we get again three more circles like this three more red circles Friday Monday Tuesday and let's say These Bars start to turn into these blue bars as we continue doing these red circles something like this for instance right kind of like this scenario that played out here or even over here on the Left Right see how it started the red circles and then it kind of went from the orange bars to the blue bars while it's still maintaining that right this was a large one but just as a example right if we start seeing something like that that's going to to me start signaling that the squeeze is actually going to be to the upside so we'll see we we're going to keep looking at this we'll keep updating and seeing how this looks I'll be updating my members of course intraday as it's happening so they'll get it of course sooner but that's kind of what they you know that's what they're paying for really but you know I will be kind of updating all this information for them as well so if interested the link is below but if you're not that's all Gucci as well the final thing we'll look at is of course the options flow right the options flow looking pretty muted honestly overall definitely more bullish than bearish but nothing to completely crazy the biggest thing to really note here is the fact that we have 1.1 million in premiums 260 calls expiring this Friday most options are expiring this Friday so very short term so I'm not really putting too much weight into this because for all we know the profits have already started to be taken so again very very short-term options but it's looking like assuming this is still being held it looks like there's going to be a bounce tomorrow which is exactly what Tesla needs we need to bounce tomorrow it's very important in order not to fall out of this overall blue uh line right here but that's kind of what I am seeing right now ladies and gentlemen so let not your thing down below the most important things to pay attention to right now are the two blue lines the 21 EMA and uh yeah that's what I'm looking at and of course the squeeze but that's what I'm looking at and that's what I'm being patient about as well so if you enjoyed don't forget to hit that like button thank you so much for watching and as usual I'll see you tomorrow peace
