Tesla, Amazon, Apple: Crucial Trading Ranges For This Week

Last week witnessed mixed trading performances from tech stocks impacted by hawkish comments from Federal Reserve officials, strong economic data and higher yields. This week all eyes will be on Fed Chair Jerome Powell's testimony before Congress on Tuesday and Wednesday. As the second week of March commences, here's a look at crucial trading ranges for some of the popular tech stocks for this week:

1. Tesla Inc TSLA: Shares of Tesla lost over 2% in the last five days. Options expiring on March 10 indicate a significant open-interest build-up at multiple levels that include the $200 mark, $210 mark, and the $220 mark. The multiple resistances factored in by the market indicate the lack of conviction as volatility is expected to spike in the backdrop of Powell's speech. However, the stock sees good support at the $190 level.

Also Read: Everything You Need To Know About Tesla Stock

2. Meta Platforms Inc META: Shares of Meta gained over 7% in five days. The stock closed at $185.25 on Friday. However, the $185-Call strike is witnessing a significant build-up in open interest indicating the level could face some resistance during the week. The next significant resistance to watch out for would be the $195 mark. On the downside, the stock sees good support at the $175 level.

3. Amazon.com, Inc. AMZN: Shares of Amazon gained 0.65% in the last five days. Options expiring on March 10 show significant open-interest build-up at the $96 level indicating it could act as a short-term resistance. The $90 mark is seen as short-term support.

It is noteworthy that open interest data only provides a fair idea about support and resistance. Any major news or macro event could lead to significant movement in stock prices and a subsequent shift in open interest levels.

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