| 
April 27, 2023
- Price action is gradually approaching a key resistance hurdle at $163
- Tesla made an initial breakout above its 3 day Simple Moving Average at $159, a potential indicator of a newly emerging bullish phase.
An influx of buyers helped the trendy EV maker to end the session higher around $160.19, while establishing a $152.37 to $160.48 session range today.
Elon Musk's EV company has fallen back around 51.58% over the past 11 months, from a notable high of $317.54.
With regards to technical trend indicators, chart analysis show that Tesla made an initial breakout above its 3 day Simple Moving Average at $159, a potential indicator of a newly emerging bullish phase. Technical analysis shows that Tesla is $2.8 away from testing key resistance at $163. Peaking above this level could inspire market bulls and open the path to further gains.
All in all, the technical analysis suggests Tesla has no clear-cut direction.
Fundamental indicators – Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%.
This rally in Tesla's share price coincided with other consumer discretionary stocks as Amazon gained 4.61%, as it traded at $109.82. Walt Disney added 3.44% to its value, and traded at $99.93. Toyota traded at $137.52 after closing today's trading day at $134.02 (up 2.61%).
Upcoming fundamentals: United States Core PCE Price Index (MoM) (Mar) will be released tomorrow at 12:30 UTC.
