hey guys what's up and welcome to a new Tesla update video today as per usual let's go over Tesla let's go over the market let's figure out what happened and what we can expect moving forward because things are definitely happening and potentially will continue happening so a lot of things to talk about but as usual if you enjoyed don't forget to hit that like button it does help a lot this is not Financial advice I'm not a financial adviser and of course my membership section on YouTube is live the link is down below for $3 a month or essentially I give you my inaday thoughts updates Etc on Tesla stock as it's moving throughout the day and sometimes other things as well like we talked about spy over here so yeah if you're interested link is below but jumping right into it Tesla closing the day up believe it or not actually Point uh almost we'll just say almost. 2% putting us at about $260 and a half per share so pretty pretty good stuff obviously underperformance compared to the market right naturally right the Market's up a very respectable amount today we talked about how the market you know it's looking for a bounce pretty soon right and the market is looking pretty darn good right now now like spy or right here macd is flipping right beautiful green candle you can see here RSI looks great RSI RSI spy also pretty good stuff right we can see it fell out of the channel over here the massive Channel but then it went back in so it's a bit of a potential or it seems like at least a false breakdown which is very bullish uh and not great for the Bears and obviously good for Tesla so you know Market's actually unironically not looking too bad right now right it's looking pretty pretty darn good honestly pretty respectable so Tesla of course also looking pretty okay now most important thing to understand is the fact that Tesla was down right we talked about this yesterday we had an a dogee candle indecision Etc we said how you know that we were getting rejected by the 260 to 263 level could be a little bit spooky right I was telling my members that I'm I'm a little bit cautious here I'm optimistically cautious but I am cautious nonetheless right I'm not convinced until we break above 263 and that hasn't happened yet but we did get a pretty decent dry down today we were down over 3% right I think at the lowest point of the day thankfully I actually did buy the dip on this so I'm happy I did but but two things off of that number one we were down because Tesla reduced prices on model 3 and model y a little bit more Wall Street hates that whenever prices are reduced that impacts margins that impacts Revenue all that stuff right you're getting you're making less money for a car Wall Street just really doesn't like that so obviously Tesla bit of a painful day today for the most part right but of course beautiful recovery came exactly almost pinpoint on the 50-day moving average beautiful bounce told my members about this pretty much as it happened I can even find the post some where was it exactly it was somewhere I think over here beautiful bounce off the 50-day moving average I think it was this one right said right here how we're getting close to it or 3% drop and around the 21 even getting close to the 50 daily mov average around 251 to 250 right somewhere around that range and we got a bounce off of that right as expected which is why I did personally buy the dip on the 50-day once we got to it and obviously I'm very happy about that now we are also of course second this is the second time in a row we had a massive drw down this candle was two days ago was the other example today is another example right where we had a massive gap down massive pain massive redness and then just an absolute Euphoria of bulls just coming in there buying the dip and just completely reversing the trend on that day respectively so you know that's a phenomenal sign to see right the Bears are really really fumbling the ball here right they had many opportunities to really honestly make this chart look pretty ugly they fell they fell face flat on their face like pretty much two times in a row already so the bows are really stepping in what it matters and that's great to see again off of the 50-day moving average above the 21 emo not breaking uh below those whatsoever RSI still looking pretty okay honestly I would say pretty neutral I wouldn't say it's bad or good very neutral to me right but on the flip side the magd you can see has finally flipped bullish right so that is a great sign to see so Tesla in all honesty guys ladies and gentlemen it's not looking bad I personally still want to see a break above 263 I said for many reasons it's a resistance level you can see this wi line right here but it also enters the head of this head and shoulders pattern which nullifies the pattern because the one thing I'm still a little bit nervous about is of course that head and shoulders pattern that I've talked about many many times you can see here on the 65-minute chart right I am still a little bit anxious about this but if we break above that which honestly I think we will it's looking pretty good and it's looking like Tesla wants to but if we do hopefully on Monday I think that's going to be a phenomenal sign and I would be much happier I guess with that more confident I guess in the price Action Moving upwards from here so that's kind of the way I'm looking at it right now let's think about this right let's say it does happen let's say on Monday or Tuesday sometime soon we do break above this we nullify the head and shoulders pattern what's next right like what comes after that well I think what we're going to be seeing let me zoom out here so we can see the red line we're going to be retesting this overall why do I have this well there must be another one here but we're going to be I have on the weekly I do have the weekly so I'm going to remove this quickly actually just looks weird I even know I had that there anyway we we are going to be essentially retesting this overall downtrend from alltime highs that we got rejected at obviously Tim highs itself technically right once over here once's over here once over here not too long ago we also got rejected again right or at least we got close to it but this was the real one here got close to it again and ideally what I want to see is obviously if we break above 263 I think next level for sure will be to retest this red line once again I think it'll be somewhere around you know High 270s maybe even 280 really depends on when we hit it honestly but somewhere around the high 270s honestly right and I think that's going to be the next level to to go to to retest to you know to see what happens there and you know I personally think we'll get one more rejection a very small rejection though I honestly think it'll be a pretty small rejection probably go sideways you know potentially just sideways doesn't even have to be like a rejection to the downside could just be sideways very light bleeding maybe nothing too insane just extremely light rejection as we kind of build up extra momentum to break through something that is extremely important right because if we break through this red line that downtrend ever since all-time highs and of course you can even make an argument that this is let's go on the weekly you can make an argument this is just an absolutely astronomic B flag right from all the way here we had a massive rally so you know look something like this right and then now we're essentially having a massive bull flag this red line here and then obviously something like this here right and then from there we break above and we kind of you know explode to the north essentially if that makes sense right that's something that is still very possible so you know that's something that I would definitely consider and you know if we break above this red line it really puts something like that into motion and really really screams just bullishness so that is probably the most important thing I would overall uh kind of you know look for so and that would be the next level I'll be paying attention to if we break above 263 and if we break above that the sky's limit honestly at this point it's going to be a phenomenal run in my opinion for the next like half a year honestly at this point right so we'll see we'll take it one step at a time of course but that's kind of the main things I'm looking at as of right now right the only real factor that I'm still concerned about is of course that uh Head and Shoulders pattern otherwise Tesla is looking damn good man let's go to the 65-minute Chart here quickly right this is the head and shoulders pattern we just talked about now there's two things to consider actually quickly on The Daily right we also of course had a potential retest right this yellow line right ever since this uh earnings right remember we talked about this many times how we broke above it came back to retest it so far it seems like it was nothing more than a retest which is very bullish successfully and we so far are rallying from that so keep that in mind that that's that's still playing out and that's still looking good so we talked about that when it was happening right obviously we're well past that now but it's still kind of playing out that pattern if you will so nonetheless going to the 65-minute Chart this is the head and shoulders pattern right now I want to remove these indicators so it's not too cluttered but there's two things here right the the blue lines essentially if you will so first we have this blue line over here we talked about it the descending one right how it's essentially a descending uh uh it's a descending line it's a it's a downtrend that we are in that we arguably broke out of not too long ago we talked about this you can go back to the videos and check it out and I said how you know we seem to be retesting it and it was looking a little bit Grim right this morning was looking a little bit Grim because we had a we we fell back below it and we actually closed a candle below it but thankfully the candle that we did close was also a hammer Candle on the 65-minute chart which of course is a very bullish hammer or uh a candle to see right to Signal the end of a in this case downtrend right or this little fall that we had off of the news of you know reducing prices on the model Y and the model 3 so you know this candle was enough to overpower the fact that we did close a candle below this channel right below this downtrend blue line and we went back above it which is great to see so we're still technically looking bullish in that regard but on top of that we also have this ascending blue line that ever since this low over here of around 230 right we've been kind kind of bouncing off of it several several times and then we did it again today right as we went down to about 250 251 which was that 50-day moving average we bounce off of that as well so there's a lot of these levels little small minute levels that you want to be paying attention to that's important to understand right but we did bounce off of that it's looking pretty good and that's why I personally bought the dip there because again 50-day moving average great chance to potentially bounce right here as well so it just looked very favorable to me with the stop loss not too far below it so the risk versus reward in my opinion there was phenomenal so that's why I took it right but that's another thing and we did bounce off of it and it's also looking pretty darn good now the one thing that's a potentially concerning that could be a red flag is the fact that we are setting up a little bit of a bearish Divergence here I wouldn't put too much weight into it just yet but it's not something I want to completely ignore and have a bias towards one side like I said I try to be as unbiased as I can when it comes to strictly the stock chart right obviously the company itself I'm extremely bullish on probably a little bit biased honestly but when it comes to the stock chart itself I try being very unbiased at least I try to and there's a bit of a bearish Divergence right you can see as we're essentially making the same highs over here right three times in a row pretty much right roughly the same level we're making lower highs over here on the RSI so that is of course a sign of a bearish Divergence kind of right obviously a true bearish Divergence would be uh if we're making higher highs while the our side making higher or lower highs that would be the true sign but this is still kind of there which is why I'm not putting too much weight into it because these kind of patterns can be nullified pretty easily Al test I needs to do is push up just a few dollars and it in theory could nullify this pattern entirely we'll see of course but something I'm just pointing out just to consider having in the back of your mind that it is there and this can potentially become a little bit dangerous give us a little bit of issues but nothing too substantial in my opinion but it is there so watch out and we'll of course continue looking at it as the you know stock is trading and whatnot and of course my members I'll share with them throughout the trading day itself so if you're interested link is below but that's kind of the main stuff I'm looking at right the final thing to look at is of course going to be options and of course the weekly chart as well so we'll take a look at those really quickly after this but options flow a little bit different than what I saw actually very different what the hell I just posted an options flowchart like not that long ago over here which was only like 19 okay was not 19 was a bit less 32 minutes ago this is what it looked like 32 minutes ago now it looks like this very strange but I guess a lot of people are taking profits towards the end of the day or the week rather but massive bullish option right here that just came in I think it literally just came in like at the very end of the day cuz I didn't see this and I just looked at this thi 20 minutes ago so it looks like a massive options Flow came in a massive call from a bow pretty much 2 million in premium 270 calls expiring uh next week next week October next week Friday right uh I believe yes next week Friday so looks like a whale stepping in so that's pretty good to see so probably some get some bullishness coming into next week as well probably get a bit of a rally and if we do and this actually holds true we'll break above 263 and my goodness it's going to look darn good so yeah it's looking good I'm not going to lie guys it's looking pretty good obviously still a couple little things little hurdles that we want to get above but all in all it's looking good it's looking very promising right the weekly chart also looking promising great volume not great volume respectable normal average volume today on this week rather right candle's looking pretty okay we're still getting that slight rejection at that level that I'm still a little bit you know uneasy about but still overall a very nice healthy looking candle both control and it's I don't know man it looks like Tesla wants to break through it really does it looks like it wants to break through so I'm feeling optimistic I really am cautiously optimistic but optimistic nonetheless but either way thanks so much for watching if you enjoyed don't forget to hit that like button especially if you found these videos helpful and whatnot but all in all thanks for watching I'll see you on Monday peace
