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June 13, 2023
- Price action is gradually approaching a key resistance hurdle at $252.34
- Upper Bollinger Band® currently at $255.9
Tesla has posted further gains as part of a 13 day trend that has already seen the stock gain $61.5. Tesla lived up to expectations yesterday by maintaining its set course — Tesla spiked to $250.97 yesterday and consolidated before initiating a fresh rally to $249.83. This comes following Friday's session in which it closed at $244.4.
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 138.04% 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 a strong overbought condition. According to asset volatility analysis, Tesla's upper Bollinger Band® is at $255.9, this is a slight indication of a slowdown. 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 $252.34, only $2.51 away. Crossing the resistance line could, however, suggest that 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 Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%.
A look at other consumer discretionary stocks also showed bullish price action as Amazon gained 2.54%, as it traded at $126.57. Lowe's traded at $213.36 after closing yesterday's trading day at $209.12 (up 2.03%). Walt Disney was up 1.32%.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
