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Technology stocks have traded mixed in the last month as a banking crisis unfolded in the U.S. following the collapse of Silicon Valley Bank.
While Tesla Inc (NASDAQ:TSLA) has lost over 7% in the last month, Apple Inc (NASDAQ:AAPL) has gained over 6% and Amazon.com, Inc. (NASDAQ:AMZN) rose over 3%. While the crisis is far from over, market participants are turning their focus on the Federal Reserve's policy decision scheduled to be released on Wednesday. With significant volatility expected, here's a look at crucial trading ranges for the three tech majors this week:
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1. Tesla: Open interest accumulation in out-of-the-money call options of Tesla expiring on Friday indicate the stock is witnessing a significant resistance at the $200 level for the week. On the downside, the $170 mark acts as crucial support. The stock closed at $183.25 on Monday.
Also Read: Everything You Need to Know About Tesla Stock
2. Amazon: Open interest data shows maximum concentration at the $100 level amongst out-of-the-money call options of Amazon indicating the level as stiff resistance for the week. On the downside, both the $94 and $95 levels are witnessing an increasing accumulation of open interest indicating the zone could be a decent support. Amazon stock closed at $97.71 on Monday.
3. Apple Inc (NASDAQ:AAPL): Shares of Apple closed at $157.40 on Monday. According to options data, maximum open interest accumulation can be seen at the $160 level for the week, indicating the level could act as a stiff resistance. On the downside, both the $155 and $150 levels could act as stiff supports.
It is noteworthy that open interest levels only provide a fair idea about support and resistance levels. Any major news or macro event can lead to significant movement in stock prices and a subsequent change in open interest levels.
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.