Tesla builds bearish momentum towards key support at $158.89

• Key support at $158.89 holds firm despite apparent early break
• Falling prices have precipitated Tesla's approach to its lower Bollinger Band® at $160.1

Having fallen $21.96 in 6 days, Yesterday's session continued the recent downtrend: Elon Musk's EV company has recovered almost all of its session losses after dipping down to $158.61 yesterday.

Elon Musk's EV company is up 52.71% from the significant low of $108.1 it hit 3 months ago.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Tesla's lower Bollinger Band® is at $160.1, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that after reaching the $158.89 support zone, Tesla bounced and climbed $3.66 above it.

Overall, the technical outlook suggests Tesla is likely to remain muted for the immediate future, with no clear-cut direction.

Tesla was not the only decliner in the consumer discretionary sector; Alibaba descends 2.51% yesterday to close at $89.13.

On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Nike was up 1.24%. Starbucks was up 1.02%.

Upcoming fundamentals: United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.