$TSLA Reversed Course: Where Is It Headed Now?

Last week, with $TSLA struggling near almost 5-month lows, I said that the stock was ready to rebound to at least $135 short term. I backed that up by buying the $120 calls for $1.20, whereupon they hit $10.40 a few days later. I also alerted my purchase via my private twitter account.

This is what I was saying last week with $TSLA at recent lows:

The bottom line, in my opinion: $TSLA has bottomed at current prices and is poised for a short-term rally to at least $135 per share, and it will be a very profitable trade when the move does occur. I intend to capitalize on the impending move via out-of-the money calls.

$TSLA has since broken through the $135 mark and is well above $140 pre-market. Just as I predicted last week, call buyers have made tremendous profits off this move. So: where is $TSLA headed from here?

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I think a small pullback to the $140 to $138 level is possible before $TLSA resumes movement to the upside with a sharp rally over $160. Again, this will be very profitable for call buyers but timing will be of the essence in order to maximize profit.

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I will post any entry into $TSLA calls via the chat room at optionmillionaires.com and private twitter.

Profile photo of uranium-pinto-beansKnown to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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