We've been running PUTs since TSLA's last opportunity to hold above the $204s and ultimately the resistance that kicked in around the $214s.
We are in the process of getting ready to close our Short Options Play as we wait for confirmation of the Yellow Lower Support that TSLA has been respecting since the beginning of the year going into an 80% reversal overall from its Low.
While we wait to close those trades (and this being the reasoning for considering that, knowing that there is still a $150 Gap to close that has yet to be seen. But you can also see the Horizontal Support that TSLA has for the most respecting and last tested as resistance, immediately switched to support and pushed to retest the $214s levels that we saw get rejected here over the past month or so (Beginning of Feb '23 at least).
We are preparing to purchase some longs as long as TSLA closes above these prices going into next week. Most likely won't place our trades until the open of Monday, but may have some low-risk options that we could benefit from over a strong weekend bounce. The only thing that is holding us back from that is the issues in the financial sectors which are running in parallel with the Fed Decision coming up in March for the Fed Funds Rate.
The SPY is currently showing a strong pulldown in today's session. So we're being heavily cautious of even considering Longs at least going into the end of the week.
But look forward to the Premarket Session on Monday to make up your own mind about which direction we're going from here. Thinking we may retest the $190 following the higher blue trend of resistance.
Thanks for following and connecting with us to grow together by visiting our website or the links below!
We are in the process of getting ready to close our Short Options Play as we wait for confirmation of the Yellow Lower Support that TSLA has been respecting since the beginning of the year going into an 80% reversal overall from its Low.
While we wait to close those trades (and this being the reasoning for considering that, knowing that there is still a $150 Gap to close that has yet to be seen. But you can also see the Horizontal Support that TSLA has for the most respecting and last tested as resistance, immediately switched to support and pushed to retest the $214s levels that we saw get rejected here over the past month or so (Beginning of Feb '23 at least).
We are preparing to purchase some longs as long as TSLA closes above these prices going into next week. Most likely won't place our trades until the open of Monday, but may have some low-risk options that we could benefit from over a strong weekend bounce. The only thing that is holding us back from that is the issues in the financial sectors which are running in parallel with the Fed Decision coming up in March for the Fed Funds Rate.
The SPY is currently showing a strong pulldown in today's session. So we're being heavily cautious of even considering Longs at least going into the end of the week.
But look forward to the Premarket Session on Monday to make up your own mind about which direction we're going from here. Thinking we may retest the $190 following the higher blue trend of resistance.
Thanks for following and connecting with us to grow together by visiting our website or the links below!
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Tim Burks | Founder - MyMI Wallet
Empower your finances with our Personal Budgeting and Investment Forecasting Tools. Unlock your investment potential today at MyMI Wallet.
www.mymiwallet.com
Empower your finances with our Personal Budgeting and Investment Forecasting Tools. Unlock your investment potential today at MyMI Wallet.
www.mymiwallet.com
