Tesla now only $4.88 from key resistance at $261.12

• Tesla drawing closer to significant resistance at $261.12 with potentially further upside ahead
• Tesla made an initial breakout above its 10 day Simple Moving Average at $257.83, a potential indicator of a newly emerging bullish phase.

Tesla has posted further gains as part of a 3 day trend that has already seen the stock gain $9.16. Yesterday's session pointed in the same direction — Elon Musk's EV company went up to $256.24, gaining 2.41%.

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 145.14% year to date.

Tesla made an initial breakout above its 10 day Simple Moving Average at $257.83, a potential indicator of a newly emerging bullish phase. Despite this, Tesla could be slowing down soon; it is getting close to the resistance line and is now at $261.12, only $4.88 away. Crossing the resistance line could, however, suggest that further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.

Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (-1.76 million) with a reading of -9.60 million, continuing the decline from the previous figure of -3.83 million.

This rally in Tesla's share price coincided with other consumer discretionary stocks as Toyota was up 1.86%.

While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba went down 2.92%, closed at $87.13. Home Depot went down 2.3%, closed at $313.74.

Upcoming fundamentals: projections for United States GDP are set for a continuation of decline with 1.4 while previous data was 2.6; data will be released today at 12:30 UTC.