Big Tesla Earnings today! The stock TSLA trended up literally from the open to the close. It was a giant buy program the hole day on this with almost 200million in volume. Today’s session was driven by Tesla’s news, causing a market gap up, but we saw a lot of stagnation afterward. In this post, I’ll break down how to approach key setups like Tesla’s multi-year range and other trades in Pure Cycle Technologies, ADT, and more.
Market Overview
Today, the market opened strong on the back of Tesla’s news but quickly faded. Interest rates have been rising, creating an overhang, but there are still great setups forming in individual stocks. It’s all about picking the right names and trading the best themes.
Key Stock Setups
- Tesla (TSLA): Tesla is sitting around a key level of $265, which is the magnet for the stock’s current multi-year range. Look for breakout or pullback opportunities around this level.
- Pure Cycle Technologies (PCT): PCT had a massive breakout today on 14 million shares in volume. Watch for a weak open tomorrow to take advantage of a potential continuation play.
- ADT Inc. (ADT): ADT had a big earnings beat with 30 million shares traded today. It’s forming a flag pattern, and a weak open tomorrow could lead to a red-to-green move.
- EVGO: If Tesla continues higher, EVGO might get picked up as a sympathy play. Keep an eye on its developing flag pattern.
How to Approach These Setups
In this selective market, it’s crucial to focus on the best setups with strong sector momentum. Earnings plays, flag patterns, and large-cap names with key levels are the areas I’m focusing on right now.
Don’t forget to check out @szamans blog he has fantastic insight into the markets
For more advanced strategies, check out our 60-Day Bootcamp to take your trading to the next level!
