Tesla is up on Q3 earnings, but this level is parked right at a supply zone!
In my earlier post on $Tesla Motors(TSLA)$ , I mentioned that the price was:
4. TSLA is currently supported by an upsloping trendline and a 62% Fibonacci retracement level around $214.
$Tesla Motors(TSLA)$ reported Q3 earnings on the 23 Oct morning, rebounded from $214 and the price traded higher at around $240 now (during the time of posting).
In the earlier post, I mentioned two key levels: $240 as the resistance and $200 as the support. If the price moves to $240 but fails to break through, it remains resisted. The good news is that the gap caused by the robotaxi news will be closed.
However, a move above $240 should technically see price higher towards $265 -$270. What if a trader wants to hedge a long position near the current price level during Asia trading hour? $TESLA 3xShortSG261006(TSXW.SI)$ is a short DLC that will gain value if Tesla moves lower. A trader will be able to trade at the current value of $240ish during Asia hour.
Tesla $240 is now the resistance
M7 earnings
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