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On CNBC's "Options Action," Dan Nathan spoke about his winning Tesla Inc (NASDAQ:TSLA) trade.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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On July 19, he suggested that investors with a long position in the name should consider protecting it with options. He recommended them to buy the August 250/210 put spread for $9.
The stock dropped 11% since then and Nathan would now close the trade because the put spread is now worth around $21. He thinks that there could be lower lows, but he is concerned that it becomes a hard press as the stock gets some support.