Tesla hones in on key resistance at $210.95

• Price action is gradually approaching a key resistance hurdle at $210.95
• Upper Bollinger Band® currently at $218

Pronounced bullish sentiment in the market helped Elon Musk's EV company to make a notable 5.46% gain yesterday, rising $10.75 and ultimately closing at $207.63.

The stock has been trending positively for about a month. Elon Musk's EV company has gained 102.24% since its lowest print of $108.1 earlier this year.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $218, thereby suggesting that Tesla is becoming overvalued. Tesla could be slowing down soon; it is getting close to the resistance line and is now at $210.95, only $3.32 away. Crossing the resistance line could, however, suggest that further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Tesla is likely to reverse course and start pointing down in the short term.

Fundamental indicators – United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%.

A look at other consumer discretionary stocks also showed bullish price action as Lowe's was up 1.34%. Pinduoduo traded at $86 after closing yesterday's trading day at $83.72 (up 2.72%). McDonald's was up 0.42%.

Upcoming fundamentals: tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.