Tesla, Amazon, Meta: Options Market Went On A Happy Weekend, Shrugging Off OPEC+ Intentions

U.S. equity markets are likely to face volatility this week as market participants are likely to weigh in on inflation concerns after The Organization of the Petroleum Exporting Countries and its allies announced a reduction in oil production by 1.16 million barrels per day beginning May, in a surprise move.

The Nasdaq Composite and the S&P 500 had a four-day positive streak last week. However, if investors begin considering the possibility of sustained rate hikes by the Federal Reserve, the upward momentum could take a break.

Under such circumstances, here's a look at important levels factored in by the options market for some mega tech stocks. It is important to note that these levels have been priced in without considering the possibility of the surprise OPEC+ move.

1. Tesla Inc TSLA: Shares of Tesla closed 6.24% higher on Friday at $207.46. Options expiring this Thursday indicate significant resistance at the $210 level as is reflected by the accumulation of open interest in out-of-the-money Call options. The $190 mark offers stiff support for the stock in the near term.

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2. Amazon.com, Inc. AMZN: Shares of the company closed 1.26% higher at $103.29. Options data shows the $110 level acts as a stiff resistance for the week, according to open interest accumulation in out-of-the-money Call options. On the downside, the $100 level acts as a stiff support.

3. Meta Platforms Inc META: Shares of the company closed 1.97% higher on Friday at $211.94. Options expiring on Thursday show the $215 level is likely to witness some resistance in the short term while the $200 level may see some support.

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