Tesla drawing closer to significant resistance at $166.95 with potentially further upside ahead
Market bulls strengthened by lower Bollinger Band® currently at $164.04

Tesla is in the midst of a 5 day downtrend. A possible change of direction spotted from Friday; an influx of buyers helped the trendy EV maker to end the session higher around $165.08, while establishing a $161.33 to $166 session range Friday.

Elon Musk's EV company has managed to gain 53.75% so far this year despite trading at lows around $108.1 previously.

Support/Resistance levels obtained from chart analysis indicate that Tesla could be slowing down soon; it is getting close to the resistance line and is now at $166.95, only $1.87 away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest 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. Friday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to asset volatility analysis, Tesla's lower Bollinger Band® is at $164.04, indicating that the market is oversold and fertile for new buyers.

With market volatility ebbing, the current technical outlook indicates Tesla will remain range-bound for the immediate future.

This rally in Tesla's share price coincided with other consumer discretionary stocks as Amazon traded at $106.96 after closing Friday's trading day at $103.81 (up 3.03%). Walt Disney gained 1.53%, as it traded at $99.57.

While Tesla was bullish Friday, the following consumer discretionary stocks underperformed: Alibaba closed at $89.13 (down 1.77%).