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Lucid Stock: Will Earnings Positively Impact LCID Stock Price?

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Lucid Stock
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Lucid stock price (NASDAQ: LCID) fell by approximately 27% in October 2023 and the sell-off continued. 

LCID stock price is displaying a bearish pattern and declining by forming lower low swings. The short-term minor pullback is facing resistance on the 50-day EMA showing the sellers’ dominance on higher levels. 

Lucid Group stock price continues to trade below the downward-sloping 200-day EMA. It indicates the positional trend is in a downward direction. Moreover, bears are using the pullbacks as an opportunity to create fresh short positions. 

Previously, sellers tried multiple times to climb above the 50-day EMA to bring back the confidence of investors. But every attempt failed and sellers succeeded in absorbing the buying in the supply zone. 

The price behavior of Lucid stock is quite volatile so fake breakout and breakdown is normal. Moreover, the price action indicates that LCID stock is also among the most shorted stock and speculative activities are high. 

Lucid Group stock price closed the previous session at $4.04 with an intraday decline of -0.74%. The market capitalization stands at $9.22 Billion.

Will Lucid Stock Price Show Pull Back After Earnings?

Lucid stock price (NASDAQ: LCID) is in the correction phase and bears keep on rejecting the price from higher levels. Lucid Group Inc. scheduled the quarterly earnings on November 7, 2023. 

Market analysts predicted an EPS of -0.361 and revenue of $185.104 Million. If the company succeeds in beating the predicted EPS as well as revenue then stock price might show a sharp rise. 

On the other hand, if Lucid Group disappoints the investors in earnings then the stock may hit new lows. The analysis suggests LCID stock price is highly oversold so a temporary pullback is expected to clear out previous shorts.

LCID Stock Price Continues to Trade With Bearish Bias

  
        

LCID stock price fell for the 13th consecutive week. It denotes investors have lost confidence and prefer to take the exit at any cost. The financial performance of the company is getting worse every quarter and debt is high. 

Therefore, the future outlook of the Lucid Group Inc. does not seem bright. Furthermore, until the company’s financials show improvement, the LCID share price is likely to trade with a bearish bias.

Conclusion

Lucid stock price (NASDAQ: LCID) fell 27% (approx.) in the current month but still no signs of recovery are visible. The Quarterly earnings of Lucid Group Inc. are scheduled for next week due to which stock prices may react violently. 

The analysis suggests LCID stock price is heavily shorted and looks oversold so a pullback rally may come after or before earnings. 

Technical levels
  • Resistance levels: $5.01 and $5.50
  • Support levels: $3.80 and $3.50
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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