The vertically integrated sustainable energy company Tesla (TSLA) has seen its stock price shoot vertically in Tuesday's trading surging over 13% making it one of the top performers in the Nasdaq 100.
The Co was upgraded to "Neutral" from "underperform" at Credit Suisse
TSLA stock had some of the most active options trading volume on the CBOE Tuesday with over 37 thousand call contracts traded at the $800 strike expiring on April 17th.
Looking at the price action of TSLA in relation to heavy call trading, price action broke above the 50% retracement level ($651) from the swing high of $946 and swing low of $350 confirming a breakaway gap which occurs when price action gaps above a key resistance level. The 50% retracement level coincidently corresponded to the 50-day moving average.
There is a high probability that the uptrend will continue towards a retest of record highs unless $651 support is broken. A break of $651 will likely play to our alternative technical scenario down towards $560 support from the March 26th high.
TSLA is anticipated to report Q1 earnings on 04/24/2020