Bullish session for Tesla falls $5.44 short of key resistance at $179.92

• Price action backs away from resistance at $179.92 despite bullish mood
• Market bulls strengthened by lower Bollinger Band® currently at $169.16

While Tesla was in the midst of a 7 day downtrend— in which it lost a total of 11.79%— A possible change of direction spotted from yesterday; Tesla recovered from the previous trading session's losses and went up to $174.48 yesterday after it traded lower at $163.92.

Tesla hit a significant low of $108.1 around 2 months ago, but has since recovered 60.44%.

Although Tesla is appreciating today after rising as high as $177.34, price action is now slowing and consolidating around $5.44 below the $179.92 resistance level. Despite posting gains on yesterday, Tesla slid below its 50 day Simple Moving Average at $166.07 during the last session — an early indicator that a negative trend could be emerging. On the other hand, note that Tesla's lower Bollinger Band® is at $169.16, indicating that the market is oversold and fertile for new buyers.

Technical analysis suggests there could be an imminent reversal for Tesla.

Fundamental indicators – United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.

A look at other consumer discretionary stocks also showed bullish price action as Pinduoduo added 6.35% to its value, and traded at $91.17. Amazon was up 1.87%.

While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Walt Disney went down 1.04%, closed at $93.57.

Upcoming fundamentals: United States Retail Sales projected to decline to -0.3% while previous data was 3%; data will be released tomorrow at 12:30 UTC.