TSLA support zone 370 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 14:22 ET, TSLA traded at 379.68, 2.6% above the support zone. On the same map, the next level above was 390 and the next level below was 360. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 9:30 AM ET), with a low of 366.95 and a high of 382.70. In the last hour price moved up 1.31, from 381.39 to 382.70.

The regular-session close was 378.84, 8.84 (2.39%) above the support zone at 370. Under the rule (support zone: close above is a hit), that is a hit.

TSLA finished the day up 2.2%, while SPY was up 0.7%. We found no single clear company-specific catalyst for the day in our notes.