Prevailing uptrend in Tesla set for stern test at $190.25

• Price action is gradually approaching a key resistance hurdle at $190.25
• Although higher today, Tesla dipped below its 5 day Simple Moving Average in early trade

Tesla has posted further gains as part of a 4 day trend that has already seen the stock gain $4.46. Yesterday's session pointed in the same direction — generally flat but with a slight bullish bias, Tesla ranged between $182.7 and $189.69 before closing higher at $187.04.

Elon Musk's EV company has managed to gain 74.43% so far this year despite trading at lows around $108.1 previously.

Chart analysis suggests Tesla is $3.21 away from testing key resistance at $190.25. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, despite posting gains on yesterday, Tesla slid below its 5 day Simple Moving Average at $184.55 during the last session — an early indicator that a negative trend could be emerging. According to asset volatility analysis, Tesla's lower Bollinger Band® is at $178.54, indicating that the market is oversold and fertile for new buyers.

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 TIC Net Long-Term Transactions (Feb) came out at 71 billion, while a consensus of analysts was expecting 101.9 billion.

This rally in Tesla's share price coincided with other consumer discretionary stocks as Toyota was up 1.32%. Alibaba gained 1.98%, as it traded at $96.42. Lowe's traded at $205 after closing yesterday's trading day at $202.18 (up 1.39%).

Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -2.46 million, following on from the preceding figure of 597,000. New data is set to be published tomorrow at 14:30 UTC.