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June 17, 2023- Price action is gradually approaching a key resistance hurdle at $263.69
- The CCI indicator stands above +100
Tesla has posted further gains as part of a 17 day trend that has already seen the stock gain $73. Yesterday's session pointed in the same direction — after ending Thursday at $255.9, Tesla went up to $263.6 only to drop back, yet still traded well overall and closed at $260.54 yesterday.
The stock has been trending positively for about a month. This year has been a bright one for Elon Musk's EV company after trading as low as $108.1 and going on to appreciate by 147.34% year to date.
Investors are seeking long positions as Tesla price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. On the other hand, note that Tesla is $3.15 away from testing key resistance at $263.69. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.
Fundamental indicators – United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800.
This rally in Tesla's share price coincided with other consumer discretionary stocks as Nike added 1.05% to its value, and traded at $113.59.
While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Toyota went down to $164.35, losing 2.28% after it closed at $168.18 yesterday. Walt Disney dips 1.74% yesterday to close at $92.94.
