Delivery News Sends Tesla Stock to 7-Month Highs

The 50-day moving average acted as support in May and June

Managing Editor
Jul 3, 2024 at 12:15 PM
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Shares of electric vehicle (EV) makeTesla Inc (NASDAQ:TSLA) are 6.2% higher to trade at $245.56 this afternoon, after the company reported the production of 410,831 vehicles and 443,956 deliveries, beating estimates but 4.8% lower year-over-year.

The stock has struggled on the charts long term, sporting a 12.4% deficit for the last 12 months, but thanks to today's pop it is on track for a seventh consecutive daily win. The shares are also trading at their highest mark since January, with an impressive floor of support from the 50-day moving average in May and June.

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In the options pits, calls have been all the rage. So far 2.27 million calls and 1.3 million puts have been exchanged, volume that is three times the average intraday amount. The most popular contracts are the weekly 7/5 240- and 250-strike calls, where positions are being opened.

What's more, at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TSLA sports a 10-day call/put volume ratio of 1.86, which stands in the 96th annual percentile. This suggests options traders were more bullish than usual in the last two weeks.

 

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