What's going on moon gang, i hope you're having an awesome day. My name is matt and in this video i will be talking about the leading electric vehicle company tesla. First, i will be doing a technical breakdown of its stock. Then i'll quickly be discussing the recent action in the overall market, but before i get into all that fun stuff, if you haven't already don't forget to join the moon gang 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.

Also, it would be great if you could drop a like, because it lets me know that you enjoy this type of content, and it also really helps with getting this video in front of other traders and investors. Who may be interested now that i got that out of the way? Let's rock and roll on the screen now is tesla's daily chart when the stock market closed for the day, tesla, which trades under the ticker tsla was at 420, which i'm positive makes elon chuckle. Today's volume was pretty much in line with the average volume over the past 10 days, and this price level means that tesla is once again close to having a market cap of 400 billion dollars. If we take a look at the performance, it's green across the board over the past week, it's up three percent over the past month, it's up one percent and from the start of the year until now, it's up an incredible 400 percent in terms of technical analysis, If you've been keeping up on my recent tesla videos, you'll be pretty familiar with this.

As things currently stand, tesla's all-time high is just above 500, which came right after the company's 5 for 1 stock split from there. There was an abrupt sell-off which led to some consolidation. Then there was a breakout which led to a double top and rejection, and now we're dealing with a small bounce since september. I would argue that tesla stock has been consolidating, because, even though we've been making higher lows, we have not been making any new highs.

Basically, we are looking for the stock to break above 462 or below 350 to get a better idea of the next major lake. For the stock, based on the most recent close, the closest support would come at 412 dollars, which is exactly where the bulls and bears have battled it out multiple times before, for the stock to get to this level, there would be a decline of 2 percent. If this bounce ends up becoming a fake out and the bulls can't hold their ground, i would then be looking for the most recent low just below 380 dollars, which would be a decline of 9.8 percent. Now, i'm in no way saying that this has to happen, but if the stock were to fall below this recent low and make it to this region of support between 350 and 360, i would view it as an excellent buying opportunity.

Not only has the stock bounced here before, but if the bull camp doesn't make a final stand in this region, the overall trend for tesla stock would go from bullish to bearish, and because of that, i think there will be a lot of demand in this area. Once again, just to reiterate, i'm not saying that the scenario has to play out, but if it does, you could bet i'll be buying as many shares as possible in this area. It is very possible that the region between 400 and 412 could hold strong, and the stock could continue to rally from here, based on the most recent close. The first resistance would come at 448, which would be a gain of 6.5 percent.

After that, we have 462, which is where the stock previously double topped. That would be a gain of almost 10 percent and if the bull camp can get the stock above that, we would then make a run at the all-time high of 502, and that would be a gain of 19. If you're more of a swing trader. I would highly recommend paying attention to the levels of support and resistance, but understand that timing.

The market can prove to be very difficult and, if you're more of a long-term investor, i would recommend creating your core position around levels of support. So you can optimize your risk to reward, but then plan on holding those shares for years to come. If you truly believe in tesla on the screen now is tesla's 4-hour chart, as you can see, when you include pre and post-market trading, there is a slightly different technical structure than on the daily chart. Moreover, when you connect the peaks of the extended hour training, you can see that we actually almost had a breakout today.

I wanted to bring this to your attention, because if the overall market remains strong, i think there's a very good chance of tesla bouncing off of the support at 412 and then making its way up to test the resistance at 449 in the coming days. I will be paying close attention to the demand found at this support and then the supply found at this trend line. On a quick personal note in my last tesla video, i explained that i sold all of my shares for breakeven at 405 because this support looked like it was going to give way upon realizing that i was being a bit emotional, because i didn't want to see My investment go into the red and, if i truly am a long-term investor buying shares anywhere in this region shouldn't matter years down the road. When i saw that the rsi was getting pretty low, i decided to reinvest my partial position around 400.

I want to clarify that i said partial, because if this ends up becoming a rejection, i wanted to save some capital to lower my cost basis in this region. But if this ends up not playing out, i'm more than happy with the position i created at 400 and i'm prepared to ride that all the way to a new high, the more and more. I look at this chart. The more excited i get for this trendline breakout as things continue to develop both fundamentally and technically i'll, make sure to keep you updated in future videos and also keep you posted on what i decide to do with my shares of tesla.

So make sure you have your notifications turned on if the overall market keeps performing the way it has over the past few trading days, i think that tesla stock will be at a new all-time high before we know it. The s p 500 was up 2.2 percent. Today the nasdaq 100 was up 4.4 percent it even the russell 2000 was positive. Honestly, i was pretty surprised by all this because at the time that i'm making this video - we don't know the next president of the us, and i didn't think that the market would like the uncertainty.

Obviously i was wrong because, over the past three training days, the s p 500 rallied 5.2 percent. The spy is now sitting at the previous resistance of 342, and if this line can hold, we would then be on our way to testing 354 and obviously, after that, we would have the all-time high at 358.. Now individual stocks and indices can move in opposite directions, but i like to think of it as headwinds and tailwinds. If you see a bunch of green here and a continued bullish move here, there's a very good chance that tesla stock will follow.

This is by no means a golden rule, but i would highly recommend paying attention to how the indices are doing. So you can better understand the external forces on your individual investments. To sum things up in the long term, i am very bullish on tesla, because it's the leading ev company and all signs are pointing to the fact that electric vehicles will become wildly popular over the next decade. But in the short term, because of the current state of u.s politics, i think there could be an increase in market volatility.

So who knows what's going to happen? All i know is that i would absolutely love the opportunity to buy more shares of tesla around 350. Obviously, though, these are my own opinions so make sure to do your own research. I would love to know your thoughts on tesla stock in a comment below. Do you think it will continue to rally from here or do you think that there's more downside, if you made it to this point in the video thanks for being a rockstar, your support truly means a lot to me.

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 gang by hitting the subscribe button and as a quick side note if you're interested in the trading software that i use there's link to a free 30-Day trial in the description of this video and there's also a link to an awesome trading group called smd trading. I would highly recommend checking both out thanks for watching and until next time best of luck in the markets. You.