Is TSLA dead?

If the general market lifts off here, and it does look like some mega caps are looking primed for a move higher, I think it lifts TSLA from doldrums also.

Now if this 327 is a good level or not, for me it comes down to if I am willing to take a heat of another 20-30 points? While I think this 330 is a decent support on TSLA longer term, it is going to come down to the action of general market tomorrow. But I think if we start getting closer to 300s, it represents a solid support in my view for this. I explain below what my main concern with this 330 level at the moment is.

I personally think there will be another day to be bearish on TSLA upon its next earnings, it may not be this close to 300.

If I am tactical short term, I am watching this 330 CALL for MARCH 21 with a 60 delta. If this CALL comes down to sub 10-12 bucks, I think it makes lot of sense if there are about 4-5 weeks to go to expiry.

There is strong bullish consensus amongst online experts for TSLA here at 330 which I do not like personally. I thought there was a larger seller on TSLA today right above 335, so at the very least this 335 level needs to be taken out in the short term. However for the longer time frames, I do not rule out another swipe above TSLA near 380s. So we may be seeing first few signs of bottoming here on TSLA at 330 but the process could take some days.

To summarize: there is a negative overhang on TSLA but overall bullish trend is intact in my view. In the short term I think there is some selling pressure here still near 335 that needs to be resolved however as we get closer to 300s, I think TSLA represents a good set up for a move back to 380s. I do not wanna be bearish on TSLA closer it gets to 300. The 330 March MOPEX calls if had under 10 (they are 24 at the moment) with about 4 weeks to go for expiry could represent a good set up in my opinion.

~ tic

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