TSLA Ready to Break Out? Key Levels to Watch! Mar 17

Hey traders! Quick check-in on TSLA based on the 4-hour chart.

📈 Technical Analysis (TA):

TSLA broke above a descending trendline signaling potential bullish momentum.
Watch closely for a confirmation above the current supply zone around $250-$255.

We had a clear Change of Character (CHoCh) indicating a possible reversal from the previous downtrend.

Important support sits at the recent demand zone around $215-$217, marked as a Break of Structure (BOS).

Next strong resistance to watch is around $320; breaking this can trigger a big move up.

📊 GEX & Options Insights:

Highest negative NET GEX at $217, strong PUT support here—keep this level marked clearly.

Call resistance is around $255; breaking above here could initiate a gamma squeeze pushing prices higher.

IV Rank is relatively high at 57.8%, signaling premium prices are rich—good for selling premium or credit spreads.

Call to Put ratio shows slight bearish sentiment (33.4% Calls), so keep your risk tight.

💡 Trade Recommendations:

Bullish Play: Wait for a clear close above $255 to enter calls, targeting around $300. Tight stop-loss just below $245.

Bearish Play: If TSLA rejects the $255 resistance strongly, consider puts targeting the demand zone around $217.

Neutral traders might consider Iron Condors or credit spreads between the clear ranges ($215–$255).

🛑 Risk Management:
Always use defined risk strategies, particularly with the higher IV environment we're in.

Let's see how it plays out. Good luck!

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage your risk before trading.