TSLA – Approaching Key Resistance With Strong Momentum, But Watch the Reaction at $292–$294
TSLA’s recent rally has been pretty clean. After breaking out of the falling trendline on the daily, price steadily pushed through lower highs and formed a nice higher low. Now, it’s testing a significant resistance zone between $292 and $294. That area capped the last few rallies—and we’re right back there again.
On the daily chart, the MACD is still climbing and has room to run, while the Stoch RSI is entering the overbought zone but not yet topping out. That tells me momentum is still present, but we’re approaching a decision point.
Flipping down to the 1-hour chart, price broke above the descending trendline and held higher support intraday. However, it’s currently rejecting slightly under $294. Volume didn’t really spike yet, so we haven’t seen a breakout confirmation. If we do clear this zone with strength, there’s a clean air pocket toward $300, which also lines up with a massive call wall and the highest GEX level on the options chart.
GEX & Options Flow Insights:
Options GEX shows heavy resistance at $300, with a sharp drop-off in gamma exposure beyond that. The $292–$294 zone is packed with 2nd and 3rd call walls, suggesting dealers are hedging hard around this level. If TSLA starts grinding above $294 and closes with momentum, we could trigger a dealer chase toward $300.
On the flip side, $275 is the HVL zone for this week’s expiration (05/02), and below that $270 sits as the third Put Wall. Any rejection from $292–$294 with a sharp drop under $285 could trigger a fade down to that zone.
Implied volatility has cooled slightly but remains relatively elevated (IVR 35.9, IVX avg 76.9). This favors credit spreads or defined-risk debit setups.
Trade Setups I’m Watching:
🟢 Bullish Scenario (Breakout Confirmation):
* Above $294 with volume → scalp toward $297.50–$300.
* Call Debit Spread: Buy 290C, Sell 300C (May 3 expiry).
* Stop loss for breakout: Close under $289.
🔴 Bearish Rejection Play (Fading the Top):
* Rejection from $292–$294 zone → scalp short back to $285 or VWAP support.
* Put Debit Spread: Buy 290P, Sell 275P.
* Stop loss: Close above $295.
TSLA is at a pressure point. If it clears $294 with volume, bulls might squeeze it toward $300. But if it stalls, the risk of a pullback toward $275–$280 grows fast. Be ready for a reaction play either way.
TSLA’s recent rally has been pretty clean. After breaking out of the falling trendline on the daily, price steadily pushed through lower highs and formed a nice higher low. Now, it’s testing a significant resistance zone between $292 and $294. That area capped the last few rallies—and we’re right back there again.
On the daily chart, the MACD is still climbing and has room to run, while the Stoch RSI is entering the overbought zone but not yet topping out. That tells me momentum is still present, but we’re approaching a decision point.
Flipping down to the 1-hour chart, price broke above the descending trendline and held higher support intraday. However, it’s currently rejecting slightly under $294. Volume didn’t really spike yet, so we haven’t seen a breakout confirmation. If we do clear this zone with strength, there’s a clean air pocket toward $300, which also lines up with a massive call wall and the highest GEX level on the options chart.
GEX & Options Flow Insights:
Options GEX shows heavy resistance at $300, with a sharp drop-off in gamma exposure beyond that. The $292–$294 zone is packed with 2nd and 3rd call walls, suggesting dealers are hedging hard around this level. If TSLA starts grinding above $294 and closes with momentum, we could trigger a dealer chase toward $300.
On the flip side, $275 is the HVL zone for this week’s expiration (05/02), and below that $270 sits as the third Put Wall. Any rejection from $292–$294 with a sharp drop under $285 could trigger a fade down to that zone.
Implied volatility has cooled slightly but remains relatively elevated (IVR 35.9, IVX avg 76.9). This favors credit spreads or defined-risk debit setups.
Trade Setups I’m Watching:
🟢 Bullish Scenario (Breakout Confirmation):
* Above $294 with volume → scalp toward $297.50–$300.
* Call Debit Spread: Buy 290C, Sell 300C (May 3 expiry).
* Stop loss for breakout: Close under $289.
🔴 Bearish Rejection Play (Fading the Top):
* Rejection from $292–$294 zone → scalp short back to $285 or VWAP support.
* Put Debit Spread: Buy 290P, Sell 275P.
* Stop loss: Close above $295.
TSLA is at a pressure point. If it clears $294 with volume, bulls might squeeze it toward $300. But if it stalls, the risk of a pullback toward $275–$280 grows fast. Be ready for a reaction play either way.
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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.