Tesla honing in $167.1 as near-term resistance to further upside

• Price action is gradually approaching a key resistance hurdle at $167.1
• Tesla made an initial breakout above its 5 day Simple Moving Average at $160.45, a potential indicator of a newly emerging bullish phase.

Tesla has posted further gains as part of a 3 day trend that has already seen the stock gain $6.44. Yesterday continued on the same track for Tesla — pronounced bullish sentiment in the market helped the trendy EV maker to make a notable 2.57% gain yesterday, rising $4.12 and ultimately closing at $164.31.

This year has been a bright one for Elon Musk's EV company after trading as low as $108.1 and going on to appreciate by 54.06% year to date.

Tesla made an initial breakout above its 5 day Simple Moving Average at $160.45, a potential indicator of a newly emerging bullish phase. In contrast, Tesla is $2.79 away from testing key resistance at $167.1. Peaking above this level could inspire market bulls and open the path to further gains.

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

Fundamental indicators – United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.

A look at other consumer discretionary stocks also showed bullish price action as Walt Disney was up 2.57%. Home Depot traded at $300.54 after closing yesterday's trading day at $293.93 (up 2.25%).

Tesla went up yesterday, yet these consumer discretionary stocks did not follow — Amazon went down 3.98%, closed at $109.82.