After a solid 3 day run on Tesla, looks like we are seeing a healthy retracement and bounce off the .5 Fibonacci level.
To me it appears to be a good opportunity to enter in a bull put credit spreads for Friday or next week expiration starting at $690 level. It would get risky if it would break lower then $712 during tomorrows trading session or a close below that but I am pretty confident we will hold above $712 as we have been rejected on this level couple times over the last 2 months so it should be a good support level. I would exit the trade if it does go below that and take my loses as there would be further downside if $712ish support does not hold.
To me it appears to be a good opportunity to enter in a bull put credit spreads for Friday or next week expiration starting at $690 level. It would get risky if it would break lower then $712 during tomorrows trading session or a close below that but I am pretty confident we will hold above $712 as we have been rejected on this level couple times over the last 2 months so it should be a good support level. I would exit the trade if it does go below that and take my loses as there would be further downside if $712ish support does not hold.