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AI predicts Tesla stock price for January 1, 2024

AI predicts Tesla stock price for January 1, 2024

In October, Tesla’s (NASDAQ: TSLA) stock experienced a significant downturn following the release of the company’s latest earnings report, revealing a noteworthy decline in profit margins attributed to a series of price cuts announced throughout 2023. 

Despite this setback, the stock exhibited a recovery in subsequent weeks, fueled by a broader market rally that propelled the S&P 500 index to 3-month highs. A contributing factor to Tesla’s resurgence could also be the long-awaited launch of the Cybertruck. 

However, lingering concerns about the stock’s appeal persist due to ongoing uncertainties surrounding the profitability and earnings impact of the price cuts. For that reason, Finbold turned to quantitative analysis on December 5 to shed light on TSLA’s potential stock price trajectory ahead.

Based on the price projections made by CoinCodex’s AI algorithms, Tesla’s shares are expected to trade at $206.31 on January 1, 2024, implying a noteworthy decline of more than 12% from its current price.

Tesla stock price prediction for January 1, 2024, by CoinCodex’s AI algorithms. Source: CoinCodex

A month from now, that drop is expected to deepen further to $193.80, the platform’s algorithms showed. 

The long-term prediction is even more bearish, with CoinCodex forecasting a significant nosedive to as low as $124.08 a year from now, nearly half of Tesla’s current stock price.

TSLA technical analysis

At the time of writing, shares of Tesla were standing at $235.58, down 1.35% in the past 24 hours.

At this level, the stock faces a major resistance at $244.85, where the 100-day moving average (MA) is located. Breaking above this threshold would pave the way for TSLA to attack the next resistance lines at $261 and $268.8.

TSLA stock technical analysis chart. Source: TradingView

On the downside, Tesla is propped up by a strong support level around $231 and $224.20, the latter being the 200-day moving average. These two zones indicate areas where bulls’ pressure may increase should the stock continue declining. 

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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