Daily Plan 1.19.24
Hey folks-
What an insane day!
Last night my expectation was to see some support come in at the level I shared. Overnight we did not even trade it and this is where I sent below chat, warning folks that I see support near 4770-4780. In my chat the LIS was moved a little lower, and once this level traded we just took off. We took off and did not stop until 4815. A full 45 point + rally within a couple of hours from my levels.
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Some other ideas that I have shared like the one in TSLA and MARA has been taking some heat.
MARA has not yet quite traded the level where I think we could cut a bottom.
However, on TSLA side a lot of sell off is inflicted by Must himself where he has alienated quite a few weak shareholders.
The problem is he wants the shareholders to just give him more shares so he can increase his stake to 25%. He owns 13% of the stock right now. If I am not mistaken, at one point Musk owned 30% of the company stock. I believe he had to shed 10% during one of this divorce proceedings and he had to sell another 7% more recently to help fund the purchase of Twitter.
His veiled threat is that he ought to have more shares, else he can develop the AI side of the business under a different company structure altogether. From a shareholder perspective, TSLA is not valued as a car company. It is valued so expensively in part due to the promised FSD software which has not yet materialized.
The whole thing is a circus. But it could be a very well orchestrated circus.
PSTG
PSTG is a stock I shared last year around 30 with a bullish bias. It closed near 39 today.
I will put my LIS on this now around 36 dollars and as long as it holds, I think PSTG can push into 45.
Levels for tomorrow
So the technical momentum remains quite strong at the moment.
Due to this reason, my key level tomorrow will remain 4784-4790.
I think if bears want to create a scene tomorrow, they will have to do so below 4784-4790.
Scenario 1: I think we could remain bid above 4790, to retest 4830-4840 area.
Scenario 2: If the bears are able to take out 4784 in the cash session tomorrow, I think this could lead to a test of 4760.
At time of this post we last traded 4811.
~ tic
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