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all right guys hello and welcome to this Tesla update in this particular video my good friend hum and I are going to talk about Tesla yes guys a chart of Tesla stock which many of you asked for and I'm going to share with you my views and who man's also going to share his views on it all right guys should be quite interesting join us all right guys welcome back we've just come here again to this interesting part of tan which I like to come to it's called Shia Park beautiful and Serene part of tan in Iran where you can actually see most of tan below you as you can see here from this particular video image all right guys before we talk about Tesla stock I want to ask my good friend hum here uh Hanan as someone who lives here in tan do you see a lot of Tesla cars on a general basis um when you're driving around tan no never I see you don't see it right yeah yeah I mean electric cars are very rare do you see any electric cars at all in teron yes maybe you can't find it yeah but not Tesla generally exactly yeah I'm not seen them either it would be quite a rarity if you see a Tesla car here in tyon but I think that's because also the infrastructure isn't around much either there isn't a lot of charging stations right tan for charging electric cars that that has not been built yet I think it's too soon at the moment in tan we're still seeing a lot of yeah I'm still seeing a lot of gas petrol cars anyway guys let's have a look at the chart of Tesla Tesla stock and let's figure out what is telling us right now now I should say that we've covered the chart of Tesla pretty much most of 2023 last year as you may recall and we pretty much got most of the movements and turning points on Tesla correct I'm not saying we got every movement on Tesla correct we did not but I think we got the majority of the turning points and movements in Tesla stock last year correct and I think to some extent this year as well you may recall in a previous video I made with Charlie Burton about Tesla stock we talked about some important support levels like for example the 170 region 165 region have mentioned that if Tesla were to break that support it could lead to lower levels now I should tell you guys that from what I'm seeing on the chart of Tesla stock right now there are some things which are becoming much more clear which is that the rally we saw in 2023 that rally we see right there on the chart that is now looking to be quite likely an ABC corrective rally all right guys and that's bad news for Tesla by the way because if the rally last year in Tesla was indeed corrective which I think it was then that means we could see lower levels in Tesla stock this year in 2024 or perhaps by the end of this year so let me Begin by the first problem I see for Tesla stock which is that well obviously it's no surprise I'm sure you know Tesla stock has seriously underperformed the other major stock indices for example it has underperformed the NASDAQ as you can see here from this chart NASDAQ has rallied higher Tesla stock has not Tesla stock has been in a predominant downtrend While most stock indices have been in uptrends same goes to the S&P while the S&P has rallied higher Tesla stock has remained relatively weak again relative to the S&P and the NASDAQ and indeed many have argued that Tesla stock has been one of the most underperforming stocks so far this year in 2024 so that's bad news for Tesla because it's underperforming the other major stock indices and the reason why that's bad is because if the stock markets soon have a correction which is quite likely again remember guys the stock markets the NASDAQ and the S&P have not had a reasonable correction not even to the 50 SMA yet so I think once the stock market indices start pulling back and making a correction which I think is quite likely in the next several months that's going to put downward pressure on Tesla stock too all right guys and that means we could potentially see more downside in Tesla stock in the next several weeks and months now as you can see on this chart I've placed on my chart an important indicator um do you know what this indicator here on Tesla stock is called uh hum I'm sure you know it it's a channel yes it's a Channel of course more famously known as a regression Channel anyway guys um this regression channel is important because it shows to us resistance support now what this means is that as long as Tesla stuck remains within this regression channel that means it's still stuck in a downtrend okay now if Tesla stock if Tesla manages by some miracle to perhaps get above some important resistance levels for example if Tesla stock were to get out of this regression Channel let's say we got a nice rally and bounce and moved above which key level of resistance do you think Tesla stock has to break uman to perhaps be able to shift the trend from bearish to bullish what what do you think to 20 220 exactly right H yes so I think hman is right if Tesla stock I say if if Tesla stock manages to break out and break Above This regression Channel you're seeing here the top of the regression Channel and then break breakthrough resistance at 220 as humman said then I think the odds would increase potential reversal maybe some kind of a inflection point a turning point in Tesla stock from bearish to bullish or from a downtrend to perhaps an uptrend personally though I think it's going to be very difficult for Tesla to establish an uptrend or reversal this year I mean it could happen but as I said Tesla stock would have to prove that by breaking out and above this regression Channel and then moving past this 220 level with a sustain movement so if Tesla stock manages to push through this regression Channel and then push above with sustained Force above 220 then the odds increase of a potential bottom in the price of Tesla stock and a potential reversal from bearish to bullish or from downtrend to perhaps an uptrend and I should say it doesn't look pretty likely right now so for the moment I think the odds are higher that Tesla stock has topped in the top we made last year in 2023 at that level you see right there so if Tesla's stock has topped as it made that top last year then the odds are higher in my view for the downtrend in Tesla stock to continue and that means if Tesla breaks below support which level support you think I'm referring to um Hanan 150 150 correct uman yes so if Tesla breaks below 160 and 150 as uman mentioned then the odds and the risk increases of more downside pressure for Tesla stock perhaps down to the lows we made in 2023 and 2022 near the lows you see there on the chart near the 100 level on Tesla stock so in other words guys if we break below 160 and 150 then we could see more downside more downside pressure towards the 100 level towards the lows we made in early 2023 and that I think at the moment is more likely by the way I'm looking for that level to be tested in the next several months and guys that means as long as Tesla's stock remains below the resistance level that hum I mentioned at 220 that means the odds are higher for Tesla stock to eventually move lower to that lower support level on the chart near the lows we made in 2023 at the 100 level all right guys uh but we shall see so far this balance we've seen on Tesla stock has been very unconvincing uh but we shall see I could be wrong about that if Tesla stock breaks above 220 resistance then I could potentially change my mind because a break of resistance would be bullish but at the moment the trend is your friend on Tesla stock and the trend is still down and the path of leas resistance is to the downside all right guys that's all we have here on Tesla so from here in tan and from my good friend hum here in tan thank you very much thank you very much indeed guys bye for now cheers
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