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- 1 Lucid Group Inc (NASDAQ: LCID) had beat the Q4 EPS estimates by 31.76% but lacked in revenue by 14.84%
- 2 LCID stock price down by 22% on the weekly basis and closed below the support level at $9.00
- 3 Lucid stock price slipped below the 50 day EMA and forming bearish pattern
Lucid Group Inc (NASDAQ: LCID) stock price is trading with mild bearish and bears are trying to drag the prices down to retest the 52 week low, but if overall market sentiment improves then we might see a short term relief rally in coming weeks or narrow range consolidation. In the previous session NASDAQ: LCID stock price closed at $8.51 with the intraday loss of 3.19% and market cap stood at $15.567B.
Will Lucid stock price retest the 52 week low?
Lucid Group Inc (NASDAQ: LCID) stock price seems to be in downtrend and collapsing down by forming a bearish pattern which shows that investors are disappointed by the Q4 performance and does not see any major turnaround in the coming months.
In the end of January, LCID stock prices picked up an upside momentum and managed to climb above the 50 day EMA which has derived the positive sentiment and prices shot up 43% on an intraday by forming a giant bullish candle which has also created a hope for the bullish trend reversal but unfortunately LCID prices did not get the follow up momentum and ended up facing strong resistance at $13.00. Later, after a little consolidation in narrow range prices failed to hold the higher levels and took a downside reversal.
Meanwhile, bulls have tried to defend the 50 day EMA but due to disappointment in Q4 revenue expectation LCID prices reacted negatively and broke down the important support level of $9.00 level which clearly shows that the short term trend has again reversed to the downside and bears will try their best to retest the 52 week low at $6.09.
However, If the overall market sentiment improves in coming weeks then we might see a short term bounce back in the LCID prices from the support level at $7.40.
On the other hand, Technical indicators of LCID stock like MACD had generated negative crossover indicating bearishness to continue for some more time whereas the RSI at 39 denotes prices near to the oversold level.
Summary
Lucid Group Inc (NASDAQ: LCID) stock price had reacted negatively after Q4 earnings and down by 22% in a single week indicates the strength of the bears. However, the prices are near to the oversold levels and might see a short term bounce back from the demand zone mentioned on the chart.
Technical levels
Resistance levels : $10.00 and $13.00
Support levels : $7.40 and $6.09
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
