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April 11, 2023- Tesla drawing closer to significant resistance at $190.9 with potentially further upside ahead
- Tesla made an initial breakout above its 21 day Simple Moving Average at $188.12, a potential indicator of a newly emerging bullish phase.
A 6 day downtrend is ongoing for Tesla. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Tesla is on a bit of a rollercoaster today: spiking to $189.19 only to drop back to $184.51, now rallying again to $188.33.
Elon Musk's EV company is now trading 70.68% above the significant low ($108.1) it slumped to 3 months ago.
Tesla made an initial breakout above its 21 day Simple Moving Average at $188.12, a potential indicator of a newly emerging bullish phase. Despite this, Tesla could be slowing down soon as it approaches resistance at $190.9. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Tesla might continue its downtrend in the short term.
Fundamental indicators – United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.
This rally in Tesla's share price coincides with other consumer discretionary stocks as Starbucks is up 1.41%. Nike is trading at $123.24 after ending yesterday's session at $121.91 (up 1.09%).
At the same time, Amazon is trading around $100.07 (down 2.05%).
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
