Add LCID Stock To Your Watchlist, Earnings Soon

Lucid stock price (NASDAQ: LCID) recovered 30% (approx.) from the recent swing low and showed signs of a bullish trend reversal. However, the $8.00 level acted as a strong hurdle from which the price reverted back to range.

LCID stock price is trading below the 200 days EMA which means the positional trend is negative. However, the buyers are trying to climb above the 50 days EMA to keep the short term trend in the favor of bulls.

Lucid Group stock seems to be stuck in the wide range between $5.47 to $8.00. Buyers tried multiple times to break out of the higher range but prices faced strong rejection and reverted from there.

In mid June, Lucid share price took support near $5.47 and formed a bullish hammer candle.

Later, responsive buyers came forward and prices began to recover. At the same time, the rise in volume shows that some genuine investors had injected the money from lower levels.

Lucid stock price closed the previous session at $7.47 with an intraday rise of 8.42%.The market capitalization stands at $13.83 Billion.

Will Lucid Stock break the higher range after Earnings?

Lucid stock price (NASDAQ: LCID) formed a strong base near $6.00 and consolidated near the demand zone. Buyers are active at the lower levels and tried their best to rebound.

Lucid Group Inc. will reveal its quarterly earnings on August 7, 2023. Equity analysts estimate an EPS of -$0.348 and revenue estimate of $191.409 Million. If the company succeeds to meet the estimates, then the stock price might display a sharp rise.

Also, the probability of breaking out of a higher range will substantially increase. On the other hand, if the company disappoints in quarterly earnings, then the bears may try to pull the stock down to previous lows. The technical analysis suggests buyers are active in LCID stock and downside is limited.

LCID Stock Price Analysis

LCID stock price formed a bullish candle on the weekly time frame. However, the price will gain momentum when buyers succeed break out of the $8.37 hurdle. The next directional move in the stock is expected after the release of quarterly earnings report.

The MACD curve sloped sideways indicating consolidation. However, if the price recovers, the MACD might generate a positive crossover. The RSI at 55, sloping upwards, denotes mild bullishness but is trading near neutral territory.

Conclusion

Lucid stock price (NASDAQ: LCID) is up 8% on a single day ahead of quarterly earnings release. The technical analysis suggests LCID stock is consolidating for base formation and the probability of a downtrend s low.

Technical levels

Resistance levels: $10.76 and $13.68
Support levels: $6.00 and $5.47

Disclaimer

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