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June 11, 2023
- Price action fails to overcome resistance at $250.41 after brief test; now trading $6 lower
- Upper Bollinger Band® currently at $248.67
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 Friday: having closed Thursday at $234.86, bullish sentiment helped Tesla to reach highs around $252.42 before paring gains and ending Friday at $244.4.
The stock has been trending positively for about a month. The trendy EV maker has gained 137.81% since its lowest print of $108.1 earlier this year.
Trend analysis indicates that investors are seeking long positions as Tesla price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Tesla is in a strong overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $248.67, thereby suggesting that Tesla is becoming overvalued. Tesla's notable support and resistance levels: after reaching the known resistance zone beginning at $250.41, Tesla price action retreated approximately $6.
Overall, while Tesla has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in Tesla's share price coincided with other consumer discretionary stocks as Toyota added 1.21% to its value, and traded at $148.64.
While Tesla was bullish Friday, the following consumer discretionary stocks underperformed: Home Depot went down 1.24%, closed at $301.09. Starbucks went down 1.2%, closed at $99.15.
