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May 20, 2023- Known Fib level $179.18 serving as battleground for bulls and bears
- Upper Bollinger Band® currently at $181.25
Tesla has posted further gains as part of a 5 day trend that has already seen the stock gain $10.54. Tesla lived up to expectations yesterday by maintaining its set course — ending Thursday at $176.89, Elon Musk's EV company rallied 1.84% yesterday and stayed at the $180.14 level.
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 68.71% year to date.
Although Tesla is appreciating today after rising as high as $181.95, price action is now slowing and consolidating around $2.48 below the $182.62 resistance level. Despite posting gains on yesterday, Tesla slid below its 50 day Simple Moving Average at $177.81 during the last session — an early indicator that a negative trend could be emerging. Tesla's upper Bollinger Band® is at $181.25, this is a slight indication of a slowdown. In contrast, having stamped out a session range of $176.32 to $181.95, Fibonacci-inclined Tesla traders were highly concentrated around active Fibonacci resistance at $179.18.
Technical analysis of Tesla price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600.
While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Nike went down 3.46%, closed at $118.87. Walt Disney went down 2.57%, closed at $93.76. Alibaba went down to $84, losing 2.09% after it closed at $85.77 yesterday.
