Option Traders Are Undecided On Tesla's Price Action, And So Is Tesla's Stock

Tesla Inc (NASDAQ:TSLA) was mostly flat Tuesday, trading directly on a support and resistance level at $718. Tesla’s stock has been consolidating after a 15% run that pushed it up tofill a gapleft behind on Feb. 22.

Tesla option traders are undecided on whether Tesla’s stock is recharging for another push north or if it’s about to roll downhill. Some bullish Tesla options traders bet $1.72 million shares of Tesla are going higher, while some bearish Tesla options traders bet $1.52 million the stock is headed lower.

Below is a look at notable option alert Tuesday, courtesy ofBenzinga Pro.

The Tesla Bullish Option Trades:At 9:36 a.m., Tuesday a trader executed a call sweep, near the ask, of 200 Fisker options with a $740 strike price expiring on April 23. The trade represented a $267,400 bullish bet for which the trader paid $13.37 per option contract.

At 10:37 a.m., a trader executed a call sweep, near the ask, of 3441 Tesla options with a $1100 strike price expiring on May 21. The trade represented a $798,312 bullish bet for which the trader paid $2.32 per option contract.

At 11:20 a.m., a trader executed a call sweep, near the ask, of 258 Tesla options with a $850 strike price expiring on April 23. The trade represented a $325,080 bullish bet for which the trader paid $12.60 per option contract.

At 11:31 a.m., a trader executed a call sweep, near the ask, of 246 Tesla options with a $730 strike price expiring on May 7. The trade represented a $328,410 bullish bet for which the trader paid $13.35 per option contract.

The Tesla Bearish Option Trades:At 9:56 a.m., Tuesday a trader executed a put sweep, at the ask, of 229 Tesla options with a $745 strike price expiring on April 23. The trade represented a $618,300 bearish bet for which the trader paid $27 per option contract.

At 9:58 a.m., Tuesday a trader executed a put sweep, near the ask, of 240 Tesla options with a $697.50 strike price expiring on April 23. The trade represented a $152,400 bearish bet for which the trader paid $6.35 per option contract.

At 10:12 a.m., Tuesday a trader executed a put sweep, near the ask, of 992 Tesla options with a $695 strike price expiring on April 23. The trade represented a $491,040 bearish bet for which the trader paid $4.95 per option contract.

At 10:52 a.m., Tuesday a trader executed a put sweep, near the ask, of 343 Tesla options with a $350 strike price expiring on Sept. 17. The trade represented a $253,820 bearish bet for which the trader paid $7.40 per option contract.

The Tesla Chart: Indecision is evident on the Tesla chart so it's no wonder option traders are undecided on where the stock is headed next. On Tuesday, Tesla printed a long legged doji which is a candlestick that indicates indecision. Tesla’s stock is also trading on top of a resistance and support level near the $718 mark. Throughout the day Tuesday, Tesla's stock traded both above and below support/resistance and closed the day directly on top of it.

Bulls want to see $718 hold as support for Tesla’s stock to make a move back up towards the $780 level.

Bears want to see Tesla’s stock drop below support and work its way down towards its next support at $668.93.

TSLA Price Action: Tesla closed Tuesday up 0.6% at $718.99.