Tesla, Amazon, Meta Stocks: Options Market Shows Crucial Trading Ranges For Next Week

The week, so far, has been downbeat for broader U.S. markets as investors and traders began factoring in the possibilities of longer rate hikes by the Federal Reserve.

Tech stocks, too, did not perform well in a week that witnessed strong economic data release. The S&P Global Purchasing Manufacturer’s index returned to expansion for the first time in eight months in February.

As February comes to an end, here's a look at crucial trading ranges for some of the top tech stocks for next week:

1. Tesla Inc TSLA: Shares of Tesla ended in the green on Thursday, at $202.07. For next week, Tesla options expiring on March 3 indicate the $210 and $220 levels as strong resistances, with maximum open interest build-up amongst out-of-the-money Call options being witnessed at these levels at the time of writing. The stock appears to have a strong support at the $190 level.

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2. Amazon.com, Inc. AMZN: Shares of the retail giant ended marginally in the green on Thursday, at $95.82. Amazon options expiring on March 3 indicate a significant open interest build-up at the $100 Strike amongst out-of-the-money Call options, indicating the level could act as a strong short-term resistance. The stock has a support at $95 and $90 levels.

3. Meta Platforms Inc META: Meta shares ended 0.42% lower on Thursday, at $172.04. Meta options expiring on March 3 indicate a significant open interest build-up at the $180 Strike amongst out-of-the-money Call options, indicating the level could act as a strong short-term resistance. The stock has a decent support at the $160 level.

It is noteworthy that open interest data only provides a fair idea of the support and resistance levels. The figures could change on the back of any significant news or corporate event and cannot be considered sacrosanct.

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