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June 21, 2023- $13.91 is Tesla's largest daily jump in 2 months.
- Price action is gradually approaching a key resistance hurdle at $279.09
Tesla has posted further gains as part of an 18 day trend that has already seen the stock gain $77.64. Yesterday's session pointed in the same direction — Elon Musk's EV company ended Monday's session at $260.54, spiked up to $274.75 and closed at $274.45 — gaining 5.34% yesterday.
The stock has been trending positively for about a month. The trendy EV maker now trading 53.86% above its 3-month low of $108.1.
Chart analysis indicates Tesla could be slowing down soon as it approaches resistance at $279.09. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that 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 a strong overbought condition. According to asset volatility analysis, Tesla's upper Bollinger Band® is at $286.84, this is a slight indication of a slowdown.
Notwithstanding Tesla's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million.
Tesla went up yesterday, yet these consumer discretionary stocks did not follow — Toyota crashes 4.38% yesterday to close at $164.35. Nike went down 3.57%, closed at $113.59. Alibaba went down to $87.93, losing 4.53% after it closed at $92.1 yesterday.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.
