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- 1 LCID stock price has been showing strength in the current quarter but is not sufficient enough for investors.
- 2 Technical indicators of LCID are favoring a weak consolidation. It is currently trading near $7.7
Lucid Motors, is a cutting-edge electric vehicle manufacturer which has taken this sector by storm. It was Founded in 2007 and the company is known for its state-of-the-art technology and its commitment to sustainability. LUCID is one of the biggest electric car companies currently present. Meanwhile Lucid is looking to cut 18% of their workforce which will be around 1300 employees. LUCID has not been profitable in the past 12 months. Its stock went down by more than 66% in the past 12 months. It has shown sustainability in the current quarter but that might not be sufficient for the current investors. Wall Street is looking towards the LUCID with optimism as it reaches its next earning release. Meanwhile, Lucid Air has won the best luxury car of the year 2023. It may boost some confidence among the investors.
LUCID has a market cap of over $14Bn which may rise in the future.It has a negative EPS as per the data by Yahoo Finance.LCID stock is currently down by more than 60% from its 52-week high. Analysts are speculating a slow-paced recovery in the asset price.
Is A Bearish Trend For LCID On Its Way?
The weekly technical chart of LCID hints toward a consolidated momentum in the asset price. On the daily chart, it is trading near the value of $7.7 with a small gain in the intraday session. The upside momentum of LCID can see a halt near the value of $8.5.
Meanwhile, a bounceback can be observed near $7.There is a strong consolidation in the LCID price which may continue in the future. It is trading below the 50 and 100 Daily Moving Averages with a negative crossover. It can push the asset price to a new low in the future.
The RSI of the LCID is currently near 42 suggesting its presence in the neutral zone. There is a downside slope formed in the RSI which hints toward a downside trend.
Summary
LCID is showing some strength in the current quarter but it has to see new highs to regain the investors trust. Lucid has recently laid off 18% of their workstaff.LCID stock price is currently consolidating but can see a new high in future.
Technical Levels
Major Support:$7
Major Resistance:$8.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
