Daily Tesla Trade Alert (01/17/24)

Yesterday, our Tesla calls hit a 202% gain in about 1 hour! Not too shabby.

But let’s see what Tesla shall do today.

Yesterday, Tesla pushed up hard from its lows, before dropping back down. You can see the buying pressure represented by that top wick. A decent amount of volume to accompany the push higher as well/

The 9-period is still below the 20, which is a bearish signal. Let’s go to intraday chart.

Here, the price hovered around the VWAP towards the end of yesterday’s trading session. What’s more, on this intraday chart, the 9 period crossed over the 20. So, a bullish signal. In terms of news, Elon is asking to own at least 25% of Tesla in order for him to feel comfortable implementing AI in Tesla vehicles. Most likely, he’ll get it. I believe he owns about 13% right now. Also, Uber is apparently working with Tesla to promote the use of electric vehicles among drivers. I tried to look up details on this, but little exists beyond a milquetoast press release. That being said, I believe Tesla will continue to rise today, based on the chart setups.

Trade Idea:

Price Target: $223.50

Options Contract: 19 JAN 24 223.33 CALL