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Finance experts set Tesla stock price for the end of 2023

Finance experts set Tesla stock price for the end of 2023
Jordan Major

Leading electric vehicle (EV) maker Tesla (NASDAQ: TSLA) has been one of the most valuable car makers in the world, with a market capitalization of over $540 billion.

The leading electric car manufacturer has been on a rollercoaster ride in the stock market in 2023, with the price of Tesla’s stock seeing significant fluctuations throughout the year. Despite these fluctuations, experts predict a bullish future for the company, with the stock price projected to rise consistently in the coming months.

But what does the end of 2023 hold for Tesla and its investors? Finbold reached out to leading financial experts to get their predictions for Tesla’s future value.

Leo Smigel, founder of Analyzing Alpha

Leo Smigel, founder of Analyzing Alpha, experienced algorithmic trader, and finance expert, has been analyzing Tesla’s stock price movements and predicts a positive trend for the company towards the end of the year. 

Smigel notes that in May, the Tesla price has fluctuated, starting the month at $162 the stock price fluctuated significantly, reaching a peak of $172 before trading somewhat in the middle of this range.

Based on the algorithmic trader’s analysis, he gave prices as far as the end of November 2023 for the stock.

“TSLA’s price is projected to rise consistently in the coming months, with September concluding at $176, October at $185, and November at $194.”

Smigel emphasized the potential returns for astute investors and the importance of closely monitoring Tesla’s stock price movements.

David, senior technical analyst at Avidmind Learning

Meanwhile, technical analyst David at Avidmind Learning highlights Tesla’s positive fundamentals, including the California Police Department’s decision to convert its entire patrol fleet to all-electric vehicles with Tesla Model Y and Model 3. 

Additionally, Tesla’s sales from Giga Shanghai are soaring, as per the data from China Passenger Car Association (CPCA). In April, Tesla sold an estimated 75,842 new Model 3 and Model Y cars built at Giga Shanghai, the second-best month sales figure of Giga Shanghai. 

Tesla has also raised the prices of its Model S and Model X cars in China by 19,000 Chinese yuan ($2,749) across both models and their various versions. Tesla announces a price cut once again, reducing the cost of the seven-seat interior option for the Model Y Long-Range from $4,000 to $3,000.

David predicts:

“Tesla’s year-end market price for 2023 will be between $380 and the psychological threshold of $400, assuming that the stock market does not experience a significant downturn and there is no liquidity crisis.”

Based on the end-of-year market price prediction of $380 to $400 and the current market price of $168 as of May 11, 2023, there is a potential increase of 126.2% to 138.1% in Tesla’s market value by the end of the year, assuming the prediction comes to fruition.

Tesla chart analysis

Tesla is currently trading in the middle of its 52-week range, indicating a somewhat stagnant performance in the market compared to its peers. While the S&P500 Index is trading in the upper part of its 52-week range, TSLA is slightly lagging behind.

In the past month, TSLA has been trading within a range of $152.37 to $189.69, which is quite wide. As of now, it is situated in the middle of this range, suggesting potential resistance levels above. 

Tesla 1-month price chart. Source: Finbold

Investors should keep an eye on the resistance zone ranging from $168.79 to $171.80. This zone is formed by a combination of multiple trend lines and important moving averages across multiple time frames, indicating a possible obstacle for TSLA to continue its upward momentum.

On the other hand, there is also a support zone ranging from $164.30 to $164.80, which is also formed by a combination of multiple trend lines and important moving averages in multiple time frames. This zone may help to prevent further downward movement of TSLA’s market value, but investors should still exercise caution and closely monitor the company’s performance.

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