Tesla Bounces Off .5 Fib
After a solid 3 day run on Tesla, looks like we are seeing a healthy retracement and bounce off the .5 Fibonacci level.
To me it appears to be a good opportunity to enter in a bull put credit spreads for Friday or next week expiration starting at $690 level. It would get risky if it would break lower then $712 during tomorrows trading session or a close below that but I am pretty confident we will hold above $712 as we have been rejected on this level couple times over the last 2 months so it should be a good support level. I would exit the trade if it does go below that and take my loses as there would be further downside if 712ish support does not hold.
To me it appears to be a good opportunity to enter in a bull put credit spreads for Friday or next week expiration starting at $690 level. It would get risky if it would break lower then $712 during tomorrows trading session or a close below that but I am pretty confident we will hold above $712 as we have been rejected on this level couple times over the last 2 months so it should be a good support level. I would exit the trade if it does go below that and take my loses as there would be further downside if 712ish support does not hold.
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