What's going on moong, i hope you're having an awesome day in this video, i will be talking about the fan. Favorite eevee stock tesla after it was announced that the company would be included in the s p 500, the stock rallied to a new all-time high, and now that we are on the top of the mountain, i will be doing a technical breakdown of tesla. So we have a better idea of what might play up next, but before i get into all of that, if you're new to the channel don't forget to join the moon game by hitting the subscribe button, my goal is to hit 5 000 subscribers by the end Of this year and your help with that would be truly appreciated. And as always, if you enjoyed this video, don't forget to drop a like, because it really helps with getting in front of other people who may be interested.

And now that i got that out of the way, let's get started alrighty, then the stock market has now closed for the third week of november, and the eevee sector performed extremely well highly on lordstown motors and workhorse all put in impressive rallies off of their recent Lows and then both neo and tesla had their highest closing values to date, and on top of that, tesla was able to post a brand new all-time high tesla trades under the ticker tsla, and the stock is currently at 490 at this price level. That means that tesla has a market cap of 464 billion, which makes it the most valuable automaker in the entire world over the past week, tesla's up 20 over the past three months, it's up 21.5 and from the start of the year until right now, it is Up 485, if you've been keeping up to date with my tesla videos, you will be familiar with the current technical situation, but for those of you who are new to the channel here is a very brief recap. From mid august until september, tesla stock rallied on the excitement surrounding the company's 5 for 1 stock split and it posted its previous high of 502. But when the stock split actually went through, there was a sell-off which led to this ping-ponging back and forth.

In a tighter and tighter range, and it led to the formation of this symmetric triangle from there, support was found at 412, which led to a double top at 462. This was followed by a sell-off that impacted the entire market after breaking through this support turned to resistance. Tesla was rejected at 450, which led to 412 being reaffirmed. Then, from there news broke that tesla would be included in the s p 500, which would essentially force many money managers to invest in the company and three days later, tesla posted a brand new all-time high at 508 dollars.

As of the most recent, close tesla is sitting at the potential support of this trend line if the stock continues to drop. The next support would be the previous region of resistance, the top of which was 462, and that would be a drop of 5.5 percent, and the bottom of that would be 449, which would be a drop of 8.3 percent with that being said, though, i think that This bearish scenario is actually the least likely. I think, it's far more likely that the stock either consolidate bounce and then push up or just right out of the gate, push above 508 for those of you who are interested to go from 490 to 508. That would be a gain of almost 4 now from a technical perspective, it's pretty difficult to call out areas of resistance above this price level, because the chart has not developed in this region.

But personally i will be closely watching 550 and 600. I'm feeling pretty good about these price targets, because the stock still has room to run, even though the stock was essentially rejected. Just above 500, the rsi value is much lower than the last time we hit 502, that was 85 and the current reading is 65, which means that the stock cannot only go higher but go much higher, and we could see that very soon. Obviously, anything could happen, but the overall trend for tesla is bullish from march.

Until now, the stock has consistently been putting in higher lows, and i don't think that this mini rejection will last too long to get a better idea of what might happen in the immediate future. Let's check out the four hour chart on this time frame. I have included pre and post market training, and that gives us a slightly different technical structure, let's zoom in a bit to get a better view, as you can see on this slightly modified chart. Thus far, the bull camp has been losing the fight at the resistance of 502 and this trend line.

But, as i said before, i honestly don't think it will last that long. I think the stock will either find support somewhere between 490 and 462 and then bounce or to shoot directly up straight to the moon. To put it more simply, there is a lot of hype surrounding the ev sector in general, and tesla stock specifically has a lot of momentum. I think it's just a matter of time before the bears are blown out of the water.

Once again on more of a personal note, i am invested in tesla and my cost basis is exactly 400. I plan on holding these shares for years to come, but i would consider buying more shares if the stock returns to the previous resistance of 462.. Now i know that this would raise my average cost, but i truly believe that it would be a discount relative to where the stock is heading years down the road, as things continue to develop, both fundamentally and technically, with tesla i'll make sure to keep you updated In future videos and also keep you posted on, if i ever buy more shares of the company so make sure you have. Your notifications turned on thanks for making it to this point in the video.

Your support is truly appreciated. If you have any suggestions for what i should cover next or any recommendations for how things can be improved, please feel free to. Let me know and as a quick reminder, everything expressed in this video are my own opinions and i am not a financial advisor. So please do your own research, i'd love to know your thoughts on tesla in a comment below.

Do you think this stock will double top at 500, or do you think that the rally will continue and as always, if you enjoyed this video, don't forget to drop a like, and if you haven't already don't forget to join the moon game by hitting the subscribe Button all that engagement really helps me out thanks for watching and until next time best of luck in the markets. You.