Tesla Stock Price Continues Uptrend After Holidays

Summary:
• NASDAQ: TSLA Outlook: Tesla stock price is gaining strength above $250. The next few weeks seem to be bullish for the price.

Tesla stock (NASDAQ: TSLA) price opened higher on Tuesday as the US stocks extended gains after the Christmas holiday. The benchmark indices also edged higher, depicting the market-wide bullish sentiment. However, the trading volume remained low at the start of the last week of 2023.

Tesla shares opened at $253.39 which was about $2 more than last week’s closing price. At press time, the stock of the biggest EV company in the world stood at $256.75, which indicated a 1.67% gain on the daily timeframe.

After a turbulent 2022, TSLA has posted incredible gains in 2023. The stock of Elon Musk’s automaker is set to close the year with 109% returns which is quite remarkable for a stock with such a huge market capitalization.

The bullish price action in the US equities suggests that the markets are pricing in the rate cuts in the first quarter of 2024. In fact, the CME FedWatch Tool indicates a 14.5% probability that the Fed will start cutting the rates from the FOMC meeting which is scheduled at the end of January 2024.

Let’s analyze the following NASDAQ: TSLA chart to determine Tesla stock price forecast 2024. You can see how the price has broken above the trendline after a strong rebound from the $196 level in October. However, this breakout is not supported by volume increase.

Nevertheless, if the price holds its $247 support, a move toward $314 might become a reality in the coming months.