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March 04, 2023- Price action is gradually approaching a key resistance hurdle at $201.22
- Tesla made an initial breakout above its 21 day Simple Moving Average at $199.5, a potential indicator of a newly emerging bullish phase.
Tesla rallied 3.61% and ended the session at $197.79.
The trendy EV maker has managed to gain 88.62% so far this year despite trading at lows around $108.1 previously.
Tesla made an initial breakout above its 21 day Simple Moving Average at $199.5, a potential indicator of a newly emerging bullish phase. Tesla's lower Bollinger Band® is at $189.66, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Tesla could be slowing down soon as it approaches resistance at $201.22. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5.
This rally in Tesla's share price coincided with other consumer discretionary stocks as Amazon gained 3%, as it traded at $94.9. Walt Disney added 2.24% to its value, and traded at $101.14. Toyota was up 1.86%.
