Tesla's prevailing uptrend now faces a challenge at $175.4 as resistance

• Tesla drawing closer to significant resistance at $175.4 with potentially further upside ahead
• Tesla made an initial breakout above its 21 day Simple Moving Average at $171.59, a potential indicator of a newly emerging bullish phase.

Tesla has posted further gains as part of an 8 day trend that has already seen the stock gain $16.31. This session seems to remain in the same lane for now — from an earlier low of $169.19, Elon Musk's EV company is on track to end the session around $171.57 after gaining $1.51 compared to last trading session's $170.06 (0.89%).

The trendy EV maker has fallen back around 45.02% over the past 8 months, from a notable high of $309.32.

Tesla made an initial breakout above its 21 day Simple Moving Average at $171.59, a potential indicator of a newly emerging bullish phase. In contrast, Tesla could be slowing down soon as it approaches resistance at $175.4. Of course, crossing it might suggest further gains are ahead.

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

This rally in Tesla's share price coincides with other consumer discretionary stocks as Walt Disney is up 2.7%. Amazon added 0.38% to its value, now trading at $106.06.

While Tesla is higher so far today, these consumer discretionary stocks are struggling: Home Depot is down to $287.69, losing 0.67%, after ending Friday at $289.62.

Upcoming fundamentals: United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.