- Today's gain is Tesla largest daily percentage gain since Jul 27.
- Price action is gradually approaching a key resistance hurdle at $224.32
The trendy electric cars company topped out at $221.86 having ended yesterday at $219.35. However, despite early momentum, the stock gave up its gains to now trade at $219.35.
Elon Musk's electric cars company has shed 36.02% over the past six months.
Tesla made an initial breakout above its 5 day Simple Moving Average at $216.68, a potential indicator of a newly emerging bullish phase. On the other hand, note that Tesla is $4.97 away from testing key resistance at $224.32. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
A look at other consumer discretionary stocks also showed bullish price action as Amazon gained 6.45%, as it traded at $113.79. Alibaba was up 5.14%. Walt Disney was up 3.05%.
Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.