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- Lucid group has recently closed a deal with Saudi public fund of $1.5 Billion
- Technical indicators are favoring a strong upside trend. It is currently trading near $8.15
LCI Industries (LCID) is a publicly traded company that specializes in the design and manufacture of recreational vehicle and marine components. The company operates through three segments: Recreation Vehicle Products, Marine Products, and Bus and Industrial Products. LCI Industries has seen strong growth in recent years, with revenue increasing from $1.1 billion in 2017 to $1.9 billion in 2020. The company has also reported positive earnings in each of the past four quarters. One of the key drivers of LCI Industries’ success has been the strong demand for recreational vehicles and boats. The COVID-19 pandemic has led to more people seeking outdoor activities and travel, which has boosted sales of these products. Additionally, the company has made strategic acquisitions to expand its product offerings and market reach. Meanwhile LCID has recently closed a deal with the Saudi public funds of more than $1.5 Billion. It can soon see a strong momentum in the future.
LCID has a market cap of more than $14 Billion and has a positive EPS. Various analyst are expecting strong growth in the future.
Technical Indicators Are Favoring Upside Trend
The weekly technical chart of Lucid are favoring a weak upside trend. It is currently seeing an upside trend with strong moves. On the daily chart it is trading near the value of $8.15 with a drop of 1.9% in the intraday session. The upside trend of the LCID can see a halt near $12. Meanwhile the support of the asset price can be seen near $6. It is currently trading below the 50 and 100 Daily Moving Average. It can see a strong positive crossover which can push the push the asset price to a new high.
Conclusion
Lucid has recently closed a deal with the Saudi investors which can push the price to a new high. LCID stock price is currently in a strong upside trend and can move to a new high.
Technical Levels
Major Resistance:$6
Major Support:$12
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
