Looking more positive as of late, with $198-$199 resistance in focus

Tesla looking more positive as of late, especially since Elon Musk’s packaged deal has been passed. Currently, its shares are floating at around $195.04 in the pre-market trade. Looking at the weekly chart, the price has now approached the upper trendline of the channel, which demonstrates clear resistance here going into the PCE data due tomorrow. The resistance reads $197.74 (yesterday’s high) followed by $198.82. A clear break and close above $198.82 would certainly incentivize the bulls to push beyond $200. In that scenario, $205-$206 would become the next point of focus. Towards the downside, it can be argued the first support level is at $191.58, the June 13th explosive burst before it sold off. Then at $187.53 and then $179.67. The above levels are predominantly for the near term. The technical indicators are looking more positive, the first time since the last minute burst higher at the back end of April. The MACD is rising and the RSI reads 64, creating some optimism from a momentum aspect.