- Price action backs away from resistance at $230.76 despite bullish mood
Tesla is on a 5 day bullish run gaining $15.13 (8.38%). Tesla pointed in the same direction yesterday: after closing at $224.64 yesterday, Tesla maintained a strong bullish bias that helped the stock close higher at $224.64. However, market bears ensured the Elon Musk's electric cars company topped out at $230.6 and that by the end of the session, the market had marked out a distinct $218.2 to $230.6 range.
On a negative trend for around a month. Tesla hit a significant low of $205 around 13 days ago, but has since recovered 8.5%.
Chart analysis suggests although Tesla is appreciating today after rising as high as $230.6, price action is now slowing and consolidating around $6.12 below the $230.76 resistance level.
Fundamental indicators – data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.59 million, beating projections of 1 million and showing improvement over the preceding figure of -1.73 million.
A look at other consumer discretionary stocks also showed bullish price action as Alibaba traded at $68.51 after closing yesterday's trading day at $63.22 (up 8.37%). Toyota was up 0.63%.
While Tesla was bullish yesterday, the following consumer discretionary stocks underperformed: Amazon dips 4.1% yesterday to close at $120.6.
Upcoming fundamentals: United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC.