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Dan Nathan spoke on
CNBC's "Options Action" about bullish options activity in
Tesla IncTSLA. He said call options volume was 1.5 times that of puts, and a lot of that call buying was in the short-dated calls.
Traders were buying the June 2, 340/350 call spread on Wednesday. Nathan explained that they are looking for a move of 2.64 percent to $350 by the end of the week.
Nathan added that the stock is up around 85 percent since December 2, and he sees a $295 price level as a long-term support for the stock.
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