Teslas TSLA Roadmap to Reaching 300 by the End of 2024

With Tesla (NASDAQ:
TSLA
) shares maintaining bullish momentum in recent weeks, a stock trading expert has pointed out that the equity is likely to breach the $300 mark by the end of 2024 but needs to clear several barriers.
As it happens, Tesla is benefiting from the general stock market momentum, buoyed by the Federal Reserve’s interest rate cuts alongside growing optimism regarding the electric vehicle (EV) market recovery after slowed demand earlier this year.
The EV maker’s shares ended the September 20 session down over 2%, trading at $238. In the past month, the equity has been up over 8%, ranking among the best-performing S&P 500 stocks. In the meantime, Tesla is looking bullish in the pre-market ahead of the September 23 trading, with the stock reclaiming the $240 spot, up almost 1%.
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TSLA stock one-month price chart. Source: Google Finance
Now, with TSLA valued at $238, the mark will likely act as an anchor for new highs in the coming months, as per
Elite Options Trader
, a well-known analyst specializing in technical analysis, as
stated
in a post on X (formerly Twitter) on September 23.
According to the analyst’s observation, the equity needs to break through the $244 resistance zone, a move that could test potential levels of $252 and $259 in the near future. In this line, the expert viewed this position as ideal for call options.
For those looking at a more conservative approach, waiting for a backtest near $234 could also be a viable option. If Tesla holds this support level, calls could still work well for those aiming to capitalize on the move toward $259.
Tesla’s path to $300
On the other hand, Tesla’s path to $300 lies in the equity reclaiming the $271 spot by October. According to the analyst, if Tesla manages this, momentum may accelerate, pushing the stock even higher.
Historically, TSLA has seen strong end-of-year rallies, and this October level could serve as a springboard toward much higher prices, potentially above $300 before the close of the year.


TSLA stock price analysis chart. Source: Elite Options Trader
Another stock trading expert, Peter DiCarlo, also shared this bullish outlook. He noted that claiming the $300 mark could trigger new highs, provided the Texas-based EV giant continues executing its plans.
The Tesla share price has witnessed three consecutive months of bullish accumulation, signaling strong investor confidence and a promising long-term outlook, DiCarlo
stated
in an X post on September 23.
He observed that TSLA’s monthly chart signals long-term price targets of $300 in 2024, $440 in 2025, and $500 by 2026. In continuation of this possible bullish momentum, DiCarlo predicted that the Elon Musk-led company will likely hit the $500 mark by 2026.


TSLA stock price analysis chart. Source: TradingView
Tesla stock fundamentals
One of the key fundamentals likely to trigger this rally, according to DiCarlo, is the company’s expansion into other fields beyond the EV market, such as its ambitious plan to become the world’s leading robotics company.
Deutsche Bank earlier
reiterated
this sentiment, reaffirming a ‘Buy’ rating for TSLA stock. The bank noted that Tesla’s potential lies in the fact that the firm should be viewed not just as an EV company but as a technology entity with the possibility of shaping other industries. To this end, the bank’s analyst, Edison Yu, set a target of $295.
In this regard, Mark Newton, a technical analyst at Fundstrat Global Advisors,
noted
that Tesla is currently an undervalued artificial intelligence (AI) company considering the impact of its pipeline of products, such as the upcoming Robotaxi, humanoid robot and Full Self-Driving (FSD). Newton recommended that investors focus on these fundamentals rather than being distracted by Musk’s social media presence.
At the same time, Tesla’s potential upside also lies in upcoming vehicle deliveries, where Wolfe Research analyst Emmanuel Rosner
expects
the figure to come in at 460,000 units, aligning closely with the market consensus of 461,000 for Q3 2024. For context, in the quarter ending June 2024, the company made 443,956 deliveries, beating Wall Street estimates of 439,000.
In conclusion, it’s clear that Tesla’s stock is demonstrating a strong potential for growth, supported by both technical and fundamental factors. The company’s expansion into new markets positions it for long-term success. Overall, a focus on both near-term technicals and the company’s plans will be integral in shaping the stock’s trajectory.
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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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