| 
March 05, 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.
The trendy EV maker gained 3.61% and stayed at $197.79 levels.
This year has been a bright one for Elon Musk's EV company after trading as low as $108.1 and going on to appreciate by 88.62% year to date.
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. In contrast, Tesla could be slowing down soon; it is getting close to the resistance line and is now at $201.22, only $3.43 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Amazon was up 3%. Walt Disney gained 2.24%, as it traded at $101.14. Toyota traded at $139.83 after closing Friday's trading day at $137.27 (up 1.86%).
