AI predicts Tesla stock price for October 1, 2023

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Artificial Intelligence (AI) has proven to be a valuable ally for traders and stock market investors. Allowing stakeholders to gather insights, analysis and cost estimates while efficiently analyzing available data, recognizing patterns and performing complex calculations faster than any human mind can handle.

There are indications that Tesla is in preliminary talks with Saudi Arabia about setting up a manufacturing facility in the kingdom. The initiative is part of Tesla’s ambitious strategy to secure critical metals for electric vehicles and to diversify Saudi Arabia’s economy, which is heavily dependent on oil.

Additionally, Turkish President Erdogan has invited Tesla CEO Elon Musk to consider building the next Tesla factory in Turkey. These developments have created a lot of anticipation regarding the potential movement of Tesla’s stock price in the coming weeks.

In this context, Finbold Price estimate retrieved by CoinCodexTesla Inc. using AI’s Technical Analysis (TA). (NASDAQ: TSLA ) stocks are calculated, which sets a price of $232.15 per share for Elon Musk’s most valuable company as of October 1, 2023.

Tesla TSLA price forecast as of October 1, 2023.  Source: CoinCodex
TSLA price forecast as of October 1, 2023. Source: CoinCodex

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

TSLA Stock Prediction by AI

“According to our technical indicators, the current sentiment is neutral while the fear and greed index is showing 39 (fear). TSLA stock recorded 18/30 (60%) green days with a price volatility of 6.15% over the past 30 days. Based on our estimate for Tesla stock, now is a bad time to buy TSLA stock as it is 4.63% higher than our estimate for the next 5 days.”

– CoinCodex

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

Meanwhile, Tesla shares are trading at $268.23 at press time, a 2.24% loss over the past 24 hours.

Tesla TSLA 1-Year Price Chart.  Source: Finbold
TSLA 1-Year Price Chart. Source: Finbold

At current prices, TSLA is expected to shed 13% of its value by October 1 CoinCodexThe AI ​​recommends traders not to buy the stock at this stage. Notably, current prices may also present positive opportunities for medium-term investors, according to AI’s forecast.

Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. Your capital is at risk when investing.

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