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June 10, 2023- $252.42 is Tesla's highest rate in 8 months.
- Upward momentum including 4.06% gain insufficient to breach pivotal resistance level at $250.41
Tesla has posted further gains as part of a 12 day trend that has already seen the stock gain $51.96. Tesla stayed on track yesterday: after closing yesterday at $244.4, the trendy EV maker peaked at $252.42 before giving up early gains and closing 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 137.81% year to date.
Technical analysis trend indicators suggest that 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 a strong overbought condition. Analysis based on the asset volatility indicates that Tesla's upper Bollinger Band® is at $248.67, this is a slight indication of a slowdown. Chart analysis indicates Tesla reversed direction at $250.41 resistance zone and retreated back $6 below it.
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 CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600.
A look at other consumer discretionary stocks also showed bullish price action as Toyota was up 1.21%.
While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Home Depot slides down 1.24% yesterday to close at $301.09. Starbucks went down 1.2%, closed at $99.15.
