Tesla now only $2.67 from key resistance at $172.73

• Price action is gradually approaching a key resistance hurdle at $172.73
• Price action broke $3.59 above known Fib level ($166.47)

Tesla has posted further gains as part of an 8 day trend that has already seen the stock gain $7.45. Friday's session pointed in the same direction — Elon Musk's EV company topped out at $170.79 having ended Friday at $170.06. However, despite early momentum, the stock gave up its gains to now trade at $170.06.

The trendy EV maker reached a significant high of $309.32 around 8 months ago but has lost 47.89% since then.

Support/Resistance levels obtained from chart analysis indicate that Tesla could be slowing down soon; it is getting close to the resistance line and is now at $172.73, only $2.67 away. Crossing the resistance line could, however, suggest that further gains are ahead. Price action overcame a known Fibonacci resistance level at $166.47 by around $3.59 with prices hammering out a $163.51 – $170.79 session range.

This rally in Tesla's share price coincided with other consumer discretionary stocks as Walt Disney gained 3.15%, as it traded at $100.52. Toyota was up 1.95%. Nike was up 2.36%.