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June 03, 2023
- Tesla could slow down as it approaches resistance at $217.56
- Upper Bollinger Band® currently at $215.89
Tesla has posted further gains as part of a 7 day trend that has already seen the stock gain $24.62. Yesterday continued on the same track for Tesla — Elon Musk's EV company rallied 3.11% and maintained $213.97.
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 104.15% year to date.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Tesla price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Tesla is in an overbought condition. Asset volatility analysis shows that Tesla's upper Bollinger Band® is at $215.89, this is a slight indication of a slowdown. Chart analysis indicates Tesla could be slowing down soon as it approaches resistance at $217.56. Of course, crossing it might suggest further gains are ahead.
Notwithstanding Tesla's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States Non Farm Payrolls came out at 339,000, better than analyst estimates of 180,000 and improving upon the previous reading of 294,000.
This rally in Tesla's share price coincided with other consumer discretionary stocks as Toyota added 3.8% to its value, and traded at $146. Nike gained 4.35%, as it traded at $107.78. Walt Disney gained 2.46%, as it traded at $90.77.
