TSLA Soars to Key Levels. Ready for December 12, 2024How to Trade Using GEX and Options Oscillator Insights!
Key Observations:
* Price Movement: TSLA is trading at $428.57, nearing the Highest Positive NETGEX / Call Resistance level.
* Volume Trends: High volume reflects significant interest and momentum in the stock.
GEX Levels:
1. Resistance Levels:
* 429.90: Immediate resistance, aligned with the Highest Positive NETGEX.
* 440 (2nd Call Wall): A breakout above $429.90 could lead to this level.
* 450 (3rd Call Wall): Extended bullish target.
2. Support Levels:
* 415: Immediate support; a breakdown could lead to a retest of lower levels.
* 390: Strong support reinforced by GEX levels.
Options Oscillator Insights:
* IVR (Implied Volatility Rank): 69.7 – Elevated IVR suggests high option premiums, favoring strategies like selling options or spreads.
* IVx (Implied Volatility Average): 67.3% – Reflects high expectations for price movement in the near term.
* Call %: 88.3% – Extremely bullish sentiment, with calls dominating puts significantly.
Trade Recommendations:
1. Bullish Setup:
* Trade: Buy TSLA $440 Call expiring December 22, 2024.
* Target: $440–$450.
* Stop Loss: Below $415.
2. Bearish Setup:
* Trade: Buy TSLA $415 Put expiring December 22, 2024.
* Target: $415 or lower.
* Stop Loss: Above $430.
Conclusion:
TSLA shows strong bullish momentum, with the GEX and Options Oscillator aligning for a potential breakout. However, elevated implied volatility and the dominance of calls highlight a sentiment-driven rally. Traders should watch $429.90 closely for breakout confirmation or failure at resistance.
Disclaimer: This analysis is for informational purposes only. Always trade responsibly and consider your risk tolerance.
