S/R Levels - April 29 - May 3

Support / Resistance levels for next week. 20+ securities included in this report: U.S. Indexes, TSLA, NVDA; All the Magnificent 7, GDX, CL_F, ES=F, NQ=F, Silver, DAX, STOXX and more.

The week ended on the edge of key resistances, there are inside weekly candles across the board and mixed signals in oscillators and price action.

Let’s study the daily chart for Tesla:

As mentioned on Thursday in a public Substack note, 40 DMA has been more important than the 50 Daily Moving Average during the last moenths, see the rejection at the end of February, end of March and the end of April is reaching the same line. Will this time be different?

The answer is only in price action, Stochastic turned bullish in previous cases but price changed the trend even before reaching overbought levels, MACD signaled a bullish crossover in March but it was followed by a decline as circled in red.

The latest candle shows indecision after finding rejection at the 40DMA.

For next week there will be a bullish bias if price opens above $159.7, that S/R level is a good reference to expect bullish continuation targeting $180.

If price declines below that line, $147 is a reference to give one more chance for the ones who want to give more room to any long trade, or a reference for the ones who are expecting further declines.

That’s how the S/R levels work, apply that principle for your preferred equity from the ones presented below. Based on that same principle, SPY has to stay above $504.

Plan ahead your trades, the weekly newsletter will come during the weekend.

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WEEKLY AND MONTHLY LEVELS: