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June 08, 2023- Tesla could slow down as it approaches resistance at $239.06
- Upper Bollinger Band® currently at $240.14
Tesla has posted further gains as part of an 11 day trend that has already seen the stock gain $41.67. Today's session pointed in the same direction — bullish sentiment helped the trendy EV maker to hammer out a noteworthy $223 to $235.23 range today, and finally closing at $234.86 to end the session.
The stock has been trending positively for about a month. The trendy EV maker has gained 129.6% since its lowest print of $108.1 earlier this year.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Tesla is in a strong overbought condition. Asset volatility analysis shows that Tesla's upper Bollinger Band® is at $240.14, this is a slight indication of a slowdown. Technical analysis of Tesla's past price action reveals multiple support and resistance levels: Tesla could be slowing down soon as it approaches resistance at $239.06. Of course, crossing it might suggest further gains are ahead.
Notwithstanding Tesla's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – Initial Jobless Claims in United States fell short of market expectations (235,000) with a reading of 261,000, continuing the decline from the previous figure of 233,000.
A look at other consumer discretionary stocks also showed bullish price action as Amazon traded at $124.25 after closing today's trading day at $121.23 (up 2.49%). McDonald's traded at $285.78 after closing today's trading day at $281.9 (up 1.38%). Toyota was up 1.07%.
