Tesla hones in on key resistance at $187.31

• Price action is gradually approaching a key resistance hurdle at $187.31
• The lower Bollinger Band® is currently at $154.93 while the higher band is at $190.45

While Tesla was in the midst of a 4 day downtrend— in which it lost a total of 2.33%— A possible change of direction spotted from yesterday; pronounced bullish sentiment in the market helped the trendy EV maker to make a notable 0.86% gain yesterday, rising $1.57 and ultimately closing at $184.47.

The stock has been trending positively for about 29 days. Elon Musk's EV company has gained 71.69% since its lowest print of $108.1 earlier this year.

Despite posting gains on yesterday, Tesla slid below its 5 day Simple Moving Average at $182.91 during the last session — an early indicator that a negative trend could be emerging. Tesla's upper Bollinger Band® is at $190.45, this is a slight indication of a slowdown. Tesla could be slowing down soon as it approaches resistance at $187.31. Of course, crossing it might suggest further gains are ahead.

Technical analysis of Tesla price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

Fundamental indicators – United States Pending Home Sales improved upon its previous reading of -5.2% with a new data release of 0%.

Tesla went up yesterday, yet these consumer discretionary stocks did not follow — Alibaba went down 3%, closed at $81.21. Home Depot lost 1.49% yesterday and closed at $286.75. Amazon went down 1.5%, closed at $116.75.

Upcoming fundamentals: United States Core Durable Goods Orders expected to decline to 0% while its preceding data was 0.3%, data will be available today at 12:30 UTC.