Tesla Stock Keeps Sliding As Bears Target $150 – Latest Price Forecast & Analysis

The stock price of Tesla (NASDAQ: TSLA) continues to underperform compared to most of its magnificent seven peers. Multiple headwinds contribute to the ongoing selling pressure, which keeps mounting. Consequently, the stock price has hit its lowest level since May 2023.

On Thursday, the Wall Street benchmarks are exhibiting a positive sentiment. The NASDAQ 100 index futures were up 73 points while the Emini S&P futures had gained 17 points till press time. However, Tesla's stock was trading 1% lower during the pre-market hours.

The major factors contributing to the downtrend in Tesla shares are the decreased EV sales and the bearish outlook by Wall Street veterans. There has also been no improvement in the company's earnings estimates for 2024 and 2025, which are major causes of concern among analysts and investors alike.

A look at the magnificent seven stocks reveals that Tesla and Apple are the worst performing tech stocks. While Nvidia, Amazon, Meta, and Microsoft are up massively since the start of 2024, Tesla has plummeted 31.8%. The only stock in the magnificent seven that has performed worse than TSLA is Boeing (NYSE: BA).

Recently, Wells Fargo analyst Collin Langan downgraded the outlook on the stock from Hold to Sell while lowering the price target from $200 to $125.

Will Tesla Stock Recover Soon?

The underperformance of a tech stock like Tesla Inc. is a cause of concern as this comes at a time when the benchmark indices are trading at record highs. While the downtrend might continue, there appears to be a possibility of at least a short-term bounce in the near term.

This Tesla stock price forecast is backed by the bullish divergences on the Money Flow Index and the Relative Strength Index, as visible in the chart below. These divergences occur near the significant market bottoms. It can be seen in the following chart that when the price is making lower lows, both indicators are making higher lows. This suggests that the bears are losing and getting exhausted after a major price correction.

However, for a proper bullish reversal, the stock still needs to reclaim the previous support of $182, which may now act as a resistance. In case of a deeper pullback from current levels, $166-$164 zone is the only support before a major correction toward $152.