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June 02, 2023
- Tesla hasn't traded above $209.8 for 2 months.
- The lower Bollinger Band® is currently at $154.32 while the higher band is at $209.55
Tesla has posted further gains as part of a 6 day trend that has already seen the stock gain $21.03. Tesla lived up to expectations yesterday by maintaining its set course — Tesla ended Wednesday at $203.93. yesterday it went up to $209.8 only to drop back, yet still managed to close at $207.52.
The stock has been trending positively for about a month. This year has been a bright one for the trendy EV maker after trading as low as $108.1 and going on to appreciate by 95.13% year to date.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Tesla is in an overbought condition. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $209.55, thereby suggesting that Tesla is becoming overvalued. Technical chart analysis shows Tesla could be slowing down soon as it approaches resistance at $211.76. Of course, crossing it might suggest further gains are ahead.
Overall, while Tesla has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States Crude Oil Inventories improved upon its previous reading of -12.46 million with a new data release of 4.49 million.
This rally in Tesla's share price coincided with other consumer discretionary stocks as Toyota gained 3.32%, as it traded at $140.65. Alibaba added 4.34% to its value, and traded at $83. Amazon was up 1.82%.
Upcoming fundamentals: today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000.
