- Price action is gradually approaching a key resistance hurdle at $198.65
- The CCI indicator stands above +100
Tesla has posted further gains as part of a 6 day trend that has already seen the stock gain $23.32. Yesterday's session pointed in the same direction — after ending Friday's session at $189.98, Tesla went up to $198.16 yesterday only to fall back and close at $194.76.
The stock has been trending positively for about a month. The trendy EV maker has gained 83.88% since its lowest print of $108.1 earlier this year.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. In contrast, Tesla could be slowing down soon; it is getting close to the resistance line and is now at $198.65, only $3.89 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Tesla might continue pointing upwards in the short term.
Fundamental indicators – United States Trade Balance (Dec) came out at -67.4 billion, while a consensus of analysts was expecting -68.5 billion.
A look at other consumer discretionary stocks also showed bullish price action as McDonald's was up 1.4%.
While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Nike closed at $125.73 (down 1.47%). Amazon closed at $102.18 (down 1.17%).
Upcoming fundamentals: United States Crude Oil Inventories projected to come out at 2.15 million — worse than previous data of 4.14 million; data will be released tomorrow at 15:30 UTC.