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May 18, 2023- The CCI indicator stands above +100
- Bollinger analysis indicates upper Band® is at $176.16
In the midst of a 3 day bullish trend, Today's session might suggest a slow down — Tesla trades at $174.21, after ending yesterday at $173.86.
The trendy EV maker has fallen back around 43.79% from the significant high of $309.32 set 9 months ago.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Tesla's upper Bollinger Band® is at $176.16, suggesting that a downward move may follow.
Overall, while Tesla has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Meanwhile, mixed performances are seen in other consumer discretionary stocks as after closing the previous session (yesterday) at $90.68, Alibaba lost $2.49 and is trading around $88.19. Amazon is up 1.94%. Home Depot added 1.1% to its value, now trading at $295.61.
Upcoming fundamentals: United States Existing Home Sales (Apr) is scheduled for today at 14:00 UTC.
