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AI predicts Tesla (TSLA) stock price for the end of 2023

AI predicts Tesla (TSLA) stock price for the end of 2023
Jordan Major

In 2023 Tesla’s (NASDAQ: TSLA) stock price has already shown a great deal of volatility, ranging from a low of around $108 per share on January 3 to a high of about $214 on February 14. 

Despite this volatility, the company’s growth prospects have many analysts and investors bullish on the company’s long-term prospects, especially when considering that the company is up +$88.78 (82.13%) year-to-date trading at $196.88 at the time of publication.

For several reasons, investors are increasingly turning to artificial intelligence (AI) to help predict the price of stocks such as TSLA. AI can seemingly analyze vast amounts of data; with so much data available on Tesla and the market as a whole, AI can quickly identify chart patterns and trends. 

Finbold has gathered projections made by CoinPriceForecast, the finance prediction platform that uses machine self-learning technology, to gauge Tesla’s price for the end of 2023. According to the latest long-term forecast, retrieved by Finbold on February 27, Tesla’s stock price will climb to $248 by the middle of 2023 and hit $360 by the end of the year marking an 83% increase from today to the year’s end.

TSLA end of 2023 price prediction. Source: CoinPriceForecast

TSLA chart analysis

Tesla’s current trading position is in the middle of its 52-week range, reflecting the same position as the S&P 500 Index. Over the last month, Tesla has been trading between $161.17 to $217.65, currently resting in the middle of that range, indicating potential resistance levels above.

TSLA 1-day price chart. Source: Finbold

To add to this analysis, the combination of several trend lines creates a support zone between $195.01 to $196.87. In comparison, a combination of multiple trend lines across different time frames identifies a resistance zone between $208.32 to $208.72. Furthermore, there is additional resistance at $214.25 from a horizontal line in the daily time frame and a higher resistance level at $250.19 from a trend line in the weekly chart.

Despite this, the stock’s short-term trend is positive, with a neutral long-term trend suggesting a favorable direction of movement.

View on Wall Street

Tesla’s technical indicators on TradingView‘s one-day gauges are mixed, with the summary aligning with a ‘neutral’ sentiment at ten while moving averages are for the ‘buy’ at 9. Meanwhile, oscillators are pointing at ‘sell’ with 2. 

Tesla 1-day gauges. Source: TradingView

Besides the AI stock price prediction, it is also essential to weigh in the thoughts of industry experts who analyze the stock daily. Wall Street analysts have given the EV juggernaut a consensus ‘strong buy’ rating from 46 analysts based on its performance over the past three months.

Wall Street TSLA end-of-year price prediction: Source: TradingView

The average price forecast for the next year is $197.30; the target indicates a 0.21% upside from its current price. However, the highest price target over the next year is $320, +62.54% from its current price.

All in all, Tesla’s strong growth trajectory is largely due to its continued expansion in the global electric vehicle market. The company’s focus on innovation and technological advancement has positioned it as a leader in this space, with a loyal customer base and strong brand recognition. 

Looking ahead, it is possible that Tesla’s stock price could continue to climb by the end of 2023 and in the coming years. With a robust pipeline of new products and continued investment in technology and innovation, the company is well-positioned to capture an even larger share of the rapidly growing EV market. 

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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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