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AI predicts Tesla stock price for October 1, 2023

AI predicts Tesla stock price for October 1, 2023

Artificial Intelligence (AI) has been proven to be a valuable ally to traders and value investors in the stock market. Allowing shareholders to gather insights, analysis, and price predictions, while efficiently analyzing available data, identifying patterns, and making complex calculations faster than any human mind would ever be able to.

There are indications that Tesla is engaged in preliminary discussions with Saudi Arabia regarding the establishment of a manufacturing facility in the kingdom. This initiative is part of Tesla’s ambitious strategy to secure crucial metals for electric vehicles and to diversify the economy of Saudi Arabia, which heavily relies on oil. 

Additionally, Turkish President Erdogan has extended an invitation to Elon Musk, the CEO of Tesla, to consider building the next Tesla factory in Turkey. These developments have generated considerable anticipation regarding the potential movement of Tesla’s stock price in the coming weeks.

In this context, Finbold retrieved a price prediction by CoinCodex, calculated using AI’s technical analysis (TA), to Tesla Inc.’s (NASDAQ: TSLA) stocks, which sets a price of $232.15 per share to Elon Musk’s most valuable company by October 1, 2023.

Tesla TSLA price prediction to October 1, 2023. Source: CoinCodex
TSLA price prediction to October 1, 2023. Source: CoinCodex

However, the AI sees a more positive outcome for Tesla stocks before the end of October, with a predicted price of $278.85 per share one month from now. Investors are also expected to double their TSLA holdings’ value in the next six months.

TSLA stock forecast by the AI

“According to our technical indicators, the current sentiment is Neutral while the Fear & Greed Index is showing 39 (Fear). TSLA stock recorded 18/30 (60%) green days with 6.15% price volatility over the last 30 days. Based on our Tesla stock forecast, it’s now a bad time to buy TSLA stock because it’s trading 4.63% above our forecast for the next 5 days.”

— CoinCodex

Despite the bearish sentiment for the short-term, the AI believes TSLA will reach $390.34 per share by the beginning of 2024 and $570.89 per share by 2025.

Meanwhile, Tesla stocks are trading at $268.23 by press time, with 2.24% losses in the last 24 hours.

Tesla TSLA 1-year price chart. Source: Finbold
TSLA 1-year price chart. Source: Finbold

From current prices, TSLA is expected to lose 13% of its value until October 1, making CoinCodex’s AI recommend traders not to buy the stock at this point. Notably, current prices also could present a positive opportunity for mid-term investors, according to the AI’s predictions.

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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