Tesla hones in on key resistance at $271.71

• Price action is gradually approaching a key resistance hurdle at $271.71
• Tesla made an initial breakout above its 5 day Simple Moving Average at $261.43, a potential indicator of a newly emerging bullish phase.

After dipping down to $248.25, Tesla regains earlier losses and reaches $261.82.

The stock has been trending positively for about a month. Having set a significant low of $108.1 5 months ago, the trendy EV maker is trading 140.02% higher.

Tesla made an initial breakout above its 5 day Simple Moving Average at $261.43, a potential indicator of a newly emerging bullish phase. Despite this, Tesla could be slowing down soon as it approaches resistance at $271.71. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.

Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million.

Rallies can also be seen in other consumer discretionary stocks, Amazon is up 3.89%. Nike gained 1.11%, currently at $111.2.

Meanwhile, Starbucks is down to $100.55, losing 1.3%, after ending yesterday at $101.87.

Upcoming fundamentals: United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.