Lucid stock struggling in the market whereas, the company CEO was trying to create some buzz. Lucid CEO tells price cuts earlier this month on its Air EV up to $12,400 and who trying to purchase a Lucid Air Pure can save approximately $5000.
Lucid stock price faced difficulty in exciding the 50 EMA acting as a resistance point and the price remains confined beneath it. Presently, Lucid stock is required to attract more buyers to drive the price in the upward movement toward recovery. Nevertheless, there’s an observed low trading volume in recent times. Simultaneously, Lucid shares have descended beneath the 50, 100, and 200-day daily exponential moving averages.
How is Lucid Stock Performing In 2023?
Lucid stock price fell -4.56% last week; it declined by -12.03% throughout the month. Furthermore, LCID shares experienced a drop of roughly –27.57 % within the past six months and a decrease of –62.67 % over the past year. Data describing the negative performance of the LCID share throughout the year. Additionally, the LCID share price has dropped around -12.91% year to date. These trends collectively indicate the challenges currently faced by the LCID stock.
LCID Technical indicators suggest the downside trend of Lucid stock price. Relative strength index and moving average convergence divergence both showcase the slippage of Lucid share price.
The price of LCID requires substantial support from the buyers in order to make a bounceback as it is facing major resistance from the previous resistance points and multiple moving average levels.
However, as Lucid stock is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the higher levels. Buyers are presently making continuous efforts to retake charge of the trend.
On the daily charts, Lucid stock showcases bears’ dominance and slipped below neutrality in a negative zone, showcasing a negative outlook on the charts.
Overall, the technical indicators and price action suggest that Lucid stock is bearish and that the downtrend may continue.
Technical Overview Of Lucid Stock
At the time of publishing, Lucid stock (NASDAQ: LCID) is trading below the 50 and 200-day SMAs (Simple moving averages), which supports the bearish trend.
The current value of RSI is 39.39 points. The 14 SMA is above the median line at 44.18 points which indicates that the Lucid share is bearish.
The MACD line at -0.2302 and the signal line at -0.1497 are below zero. A bearish crossover is observed in the MACD indicator which signals more bearishness for the LCID stock price.
Summary
Lucid (NASDAQ: LCID) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the LCID stock price. Lucid Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: The most immediate support levels for the Lucid stock price are $6.68 and $5.76.
- Resistance levels: The most immediate resistance levels for the LCID stock price are $8.45 and $9.3.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
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.
Source: https://www.thecoinrepublic.com/2023/08/25/lucid-stocklcid-does-lucids-ev-price-cut-impact-stock-price/