Tesla’s (NASDAQ: TSLA) stock has been the subject of intense scrutiny recently, and investors are keen to know what the future holds for this iconic company.
In this regard, Finbold has gathered the historical prices of Tesla’s stock, complemented by a prediction chart for the upcoming year. According to data retrieved from the price prediction model at PandaForecast as of April 17, the estimated weighted average target price per share for Tesla is expected to reach $201.58 in May 2023.
Meanwhile, the forecasts predict that Momo (momentum trading) shares will display predominantly bullish behavior with a potential monthly volatility of 15.649% expected. The pessimistic target level for momentum trading is estimated at $184.07, while the optimistic target level is set at $218.21.
TSLA chart analysis
Over the past month, TSLA has exhibited a wide trading range of $176.11 to $207.79, indicating a significant level of volatility in the market. At present, the stock is trading near the lower end of this range, suggesting a possible bearish trend in the short term.
In terms of technical analysis, TSLA has a support zone that spans from $172.91 to $173.43. This zone is formed by a combination of multiple trend lines, indicating a potential level of price support.
On the other hand, the stock also has a resistance zone that ranges from $188.81 to $192.62, formed by the intersection of several trend lines and key moving averages in the daily time frame, suggesting a level of price resistance that TSLA would need to overcome to continue its upward trend.
TSLA may present a favorable setup opportunity for traders. The stock has been consolidating with reduced volatility, indicating a potential price stabilization. Moreover, a support zone is established below the market price of $173.43, which could serve as a possible entry point for a long position. To manage risk, a Stop-Loss order could be placed below this support zone to limit potential losses if the price breaks below it.
Wall Street analysis
In a shorter-term time frame, analysts on Wall Street have given Tesla a consensus ‘buy’ rating from 47 analysts. Notably, 22 have suggested a ‘strong buy’ and three a ‘buy.’ Seventeen analysts were with ‘hold’ while ‘sell’ and ‘strong sell’ with a total of 5.
Based on analyst stock evaluations for TSLA over the last three months, the average price forecast for the next year is $205.11; the target indicates a 10.87% upside from its current price. Interestingly, the highest price target over the next year is $320, +72.97%.
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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.