Tesla, Meta Stocks: Here Are The Crucial Levels To Watch Next Week

by Bhavik Nair Benzinga Staff Writer

Zinger Key Points

Tesla shares gained over 74% this year while Meta stock has surged over 51%.
Options market data indicates a potential trading range of $165-200 for Tesla shares next week.
Meta stock could trend in the range of $150-200, open interest levels indicate.
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Tesla Inc. TSLA and Meta Platforms Inc. META shares have surged significantly since the beginning of 2023. While Tesla gained over 74% this year, Meta has surged over 51%.

What Happened: As tech stocks continue to rally with the Federal Reserve dialing down its rate hike pace and Chairman Jerome Powell acknowledging that inflation has started to come down, here’s a look at the potential supports and resistances for Tesla and Meta shares next week.

1. Tesla: After hitting a low of close to $103, the EV maker's shares have been on an uptrend in last one month. However, it is approaching a key short-term resistance at the $200-level. Options market data is indicating the maximum open interest on the Call side for Tesla options expiring on Feb. 10 is concentrated at the $200-strike with 17,753 contracts. This indicates professional traders, who are known to prefer shorting options and collecting premiums rather than buying options, do not expect Tesla stock to expire beyond this mark on Feb. 10.

At the same time, the maximum open interest on the Put side can be seen at the $165-mark, indicating short-term support. Given that Tesla shares closed near the $188 mark on Feb. 2, the wide range of $165-200 for next week shows the persistent volatility in the market.

2. Meta: Options market data show that maximum open interest amongst out-of-the-money Meta Call options expiring on Feb. 10 stands at the $200-strike — indicating the level could be a potential resistance in the near term. At the same time, maximum open interest on the Put side is concentrated at the $150-strike indicating short-term support.

It is noteworthy that the bulk of the fresh positions come in at the beginning of the week, which could shift the open interest levels and thus the potential supports and resistances. However, the options market data gives a fair idea of the range in which these stocks could trade in the coming week.

METAMeta Platforms Inc

$613.501.29%