T3’s Trades of the Week: Why TSLA Could Break $300 – T3 Live
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T3’s Trades of the Week: Why TSLA Could Break $300

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Welcome to the latest edition of T3's Trades of the Week!

Let's jump right in with this week's trades and analysis:

1) Off the Charts on nVidia (NVDA)

nVidia (NVDA) was a rock star last year. There really is no other way to describe it. The stock began 2016 in the low $30's and rang in the new year above $100. It was the strongest name in arguably the strongest group and for much of the year. It did nothing but go up each day.

2017 has been a different animal for NVDA. A vocal short call from Citron knocked it off its best levels late December and after bouncing back to recover the losses from the drop, it failed at $120 a second time and had a deeper pull in. Earnings in February were impressive but expectations were high and following the report, the stock dropped below 100 to test the 100day sma around 95 for the first time since March 2016.

It bounced nicely off the moving average and steadily ground its way back up above 100 and then the 50day sma shortly after. It has been building a tight base above the 50day sma now for the last 2 weeks, stalling several times when attempting a run through 110. The Teflon tape is still rewarding solid breakout setups and with the chip stocks still strong, NVDA looks ready to make a run to new highs.

On a break above $110.50-$110.75, NVDA is set up well for a rally to $121-$122 and new highs, while a drop back below $106.75-$106.50 (below the 50day sma) would be the cue to exit.

Click here to learn more about Off the Charts.

2) Jeff Cooper's GME (FN) Short

I am targeting a swing short in Gamestop (GME), with an entry at $22.25. My stop would be $23.75. I would look to cover half the position at $20.50, and then move the stop up to breakeven.

Click here to see Jeff's Daily Market Report trading returns

2) Scott Redler on Tesla (TSLA)

TSLA has had a big move since clearing my $205ish buy zone from my 2017 Market Outlook report.

Last week it held $275ish and it's gapping up on new vehicle news. If it can hold $282.50, it could be set up for a move to $300 to $320.

Click here to get a FREE look at Scott Redler's Trading Screens.

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