TSLA: Technical Analysis (TA) for Feb. 7Timeframe: 1-Hour Chart
Market Overview
* Current Price: $370.88
* Key Resistance Levels:
* $380: Immediate resistance. A breakout above this level aligns with a potential gamma squeeze.
* $400: Higher resistance and critical level for bullish continuation.
* Key Support Levels:
* $363: Closest support, aligned with the highest negative GEX level.
* $350: Stronger support and psychological level with higher PUT concentration.
Trend Analysis
* TSLA is moving within a descending triangle. A breakout above $380 could signal a bullish reversal.
* However, price action remains constrained, suggesting cautious entry until direction is confirmed.
Momentum Indicators
* MACD: Bearish momentum is easing, but there is no clear bullish crossover yet.
* Stochastic RSI: Overbought in short-term, indicating the potential for short-term consolidation before further moves.
Gamma Exposure (GEX) for Option Trading
GEX Overview:
* Call Resistance:
* $380: Strong resistance aligned with 92.29% CALL wall concentration.
* Put Support:
* $363: High negative GEX level, suggesting robust support.
* Sentiment: GEX indicates a neutral-to-bearish sentiment due to concentrated PUT walls below the current price.
Trading Suggestion
Options Trade Scenarios:
1. Bullish Setup:
* Entry: Buy 7 DTE Call Options if the price breaks above $380 with strong volume.
* Target: $400.
* Stop Loss: Below $374.
2. Bearish Setup:
* Entry: Buy 7 DTE Put Options if the price drops below $363.
* Target: $350.
* Stop Loss: Above $368.
Critical Observations
* At market open, price movements may shift due to increased volume and volatility. Ensure to check real-time GEX updates to validate your setups.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Always perform your due diligence and manage risks accordingly.
