Bullish setup on Tesla

Shares of the electric car maker Tesla (TSLA) have pulled back from a recent all time high of $900 to $550 in the past 30 days, shares currently trade around $690 after a bullish double-bottom formation. The car maker is building momentum in producing vehicles while increasing capacity with new production plants to keep up with demand. 

Postive news sends the stock higher, and it could be trading at a relative discount currently considering its future growth potential. We bought the December 2021 $800 Calls on TSLA today for $116.65, and will be watching this position closely as the stock is volatile.  This is a high risk trade and we are not adding a sell stop order on this trade just yet since the underlying stock can trade down $40 in a single session.