1. Trend Analysis:
* Tesla has shown a strong recovery after a significant downtrend, breaking out of a falling wedge pattern on the hourly chart.
* The breakout is accompanied by an uptick in volume, indicating buying momentum.
2. Key Levels:
* Resistance: $428 - Major resistance at the gamma wall and recent pivot highs.
* Support: $373 - Strong support where the 2nd PUT wall aligns with recent lows.
3. Indicators:
* MACD: Bullish crossover with expanding histogram bars suggests upward momentum.
* RSI: Rising from oversold levels, approaching neutral territory, leaving room for further upside.
4. Price Action Forecast:
* If Tesla holds above $400, a rally toward $428 is likely.
* Failure to maintain $400 could see a retest of $380 support.
Options Gamma Exposure (GEX):
1. Key Levels:
* Gamma Resistance: $430, with call wall dominance at $450.
* Gamma Support: $380, aligning with the highest net negative exposure.
2. Options Sentiment:
* IVR: 73.3% indicates Tesla options are pricing in higher volatility.
* Calls Dominant: 84% call exposure reflects bullish sentiment among options traders.
Trading Strategy for Jan. 6, 2025:
1. Scalping Strategy:
* Entry: Long above $400 with confirmation of volume support.
* Target: $428-$430 resistance zone.
* Stop Loss: Below $393 to minimize downside risk.
2. Swing Strategy:
* Bullish Setup: Accumulate near $380 with a target of $430-$450.
* Bearish Setup: Short below $373 with a target of $350 if support fails.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Please conduct your own research and manage your risks appropriately before trading.
* Tesla has shown a strong recovery after a significant downtrend, breaking out of a falling wedge pattern on the hourly chart.
* The breakout is accompanied by an uptick in volume, indicating buying momentum.
2. Key Levels:
* Resistance: $428 - Major resistance at the gamma wall and recent pivot highs.
* Support: $373 - Strong support where the 2nd PUT wall aligns with recent lows.
3. Indicators:
* MACD: Bullish crossover with expanding histogram bars suggests upward momentum.
* RSI: Rising from oversold levels, approaching neutral territory, leaving room for further upside.
4. Price Action Forecast:
* If Tesla holds above $400, a rally toward $428 is likely.
* Failure to maintain $400 could see a retest of $380 support.
Options Gamma Exposure (GEX):
1. Key Levels:
* Gamma Resistance: $430, with call wall dominance at $450.
* Gamma Support: $380, aligning with the highest net negative exposure.
2. Options Sentiment:
* IVR: 73.3% indicates Tesla options are pricing in higher volatility.
* Calls Dominant: 84% call exposure reflects bullish sentiment among options traders.
Trading Strategy for Jan. 6, 2025:
1. Scalping Strategy:
* Entry: Long above $400 with confirmation of volume support.
* Target: $428-$430 resistance zone.
* Stop Loss: Below $393 to minimize downside risk.
2. Swing Strategy:
* Bullish Setup: Accumulate near $380 with a target of $430-$450.
* Bearish Setup: Short below $373 with a target of $350 if support fails.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Please conduct your own research and manage your risks appropriately before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.