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AI predicts Tesla stock price for end of 2024

AI predicts Tesla stock price for end of 2024
Elmaz Sabovic

Despite the slowdown of the 2023 electric vehicle (EV) market, Tesla (NASDAQ: TSLA), led by Elon Musk, exhibited resilience in its growth. The company adjusted pricing strategies in response to diminished demand, distinguishing its success.

Over the year, Tesla achieved a new milestone in vehicle deliveries. Despite encountering some obstacles, the company successfully unveiled its highly anticipated Cybertruck, which led to its stock rising by more than 60% in the last year.

However, the start of 2024 brought losses for TSLA as it lost -11.89% of its price since it commenced and -13.65% in the past 30 days.

These different performances prompted Finbold to utilize AI predictions from CoinCodex on January 15 to see where this stock might end up trading by the end of this year.

TSLA stock price prediction for the end of 2024. Source: CoinCodex
TSLA stock price prediction for the end of 2024. Source: CoinCodex

The AI algorithms predict a slight increase for its stock to a price of $223.49, representing a 2.10% upside from the current price of $218.89 at the time of writing.

Analyst sees a potential make-or-break situation

With the current disparity in performance from last year, the price chart of TSLA stock has formed an interesting pattern that drew the attention of analysts.

The current week represents a pivotal moment for the inverse head and shoulders setup of Tesla, essentially determining its success or failure, as per a post on X from stock analyst Jake Wujastyk on January 15.

Potential reverse from the current pattern of TSLA stock price trajectory. Source: Jake Wujastyk
Potential reverse from the current pattern of TSLA stock price trajectory. Source: Jake Wujastyk

The inverse head and shoulders pattern, within the realm of technical analysis, indicates a potential reversal in a downtrend. 

Its formation is characterized by the asset’s price establishing a low (referred to as the “left shoulder”), succeeded by a lower low (termed the “head”), and subsequently, a higher low (designated as the “right shoulder”). 

This means this pattern might reverse and bring gains to this stock or continue downwards, beneath its support level.

TSLA stock price analysis

At the time of writing, TSLA stock price stood at $218.89, indicating a decrease of -3.67% from the previous closure on January 12, losing -7.32% in the last 5 sessions.

TSLA 24-hour stock price chart. Source: Finbold
TSLA 24-hour stock price chart. Source: Finbold

The technical indicators are also quite bearish, with a consensus of ‘strong sell’ at 16 and moving averages at 14. Meanwhile, oscillators indicate a ‘sell’ at 2.

Technical analysis of TSLA stock. Source: TradingView
Technical analysis of TSLA stock. Source: TradingView

Whether TSLA stock will be able to replicate 2023 or this year will be a period of losses and opposite performance remains to be seen.

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