Tesla Inc. TSLA and Metaplatforms Inc. META Shares have risen significantly since early 2023. While Tesla is up over 74% this year, Meta is up over 51%.

What happened: As tech stocks continue to rally the federal reserve Down dialing its rate hike rate and chairman Jerome Powell With inflation starting to ease off, here’s a look at the potential support and resistance levels for Tesla and Meta stocks next week.

See also: Everything you need to know about Tesla stock

1. Tesla: After hitting a low of almost $103, The electric vehicle maker’s shares are in an uptrend last month. However, it is approaching a key short-term resistance at the $200 level. Options market data indicates that maximum call-side open interest for Tesla options expiring Feb. 10 is centered on the $200 strike price at 17,753 contracts. This suggests that professional traders, who are known to favor shorting options and collecting premiums over buying options, do not expect Tesla stock to expire beyond this mark on Feb. 10.

At the same time, the maximum open interest on the put side can be seen at $165, indicating near-term support. With Tesla shares closing near $188 on Feb. 2, the broad range of $165 to $200 for next week shows the continued volatility of the market.

2. Meta: Data from the options market shows that maximum open interest among out-of-the-money meta-call options expiring on February 10 stands at $200 – suggesting the level could be potential resistance in the short-term. At the same time, maximum open interest on the put side is centered on the $150 strike, indicating near-term support.

Notably, the majority of fresh positions are coming in early in the week, which could shift open interest levels and therefore potential supports and resistances. However, options market data gives a good idea of ​​where these stocks could trade in the coming week.

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