Why did LCID Stock Price Sank around 10% Amid $7500 EV Discount?

LCID Stock price has plummeted around 10% just after its announcement on providing the credit of $7500 on certain Electric Vehicles (EVs).
LCID share price is about to slip below all of the 20, 50, 100 and 200-days Daily Moving Average.
All of the EV startups like Rivian, GOEV and LCID stock prices have been dipping as the customers couldn’t trust their EVs properly.

LCID stock price has slipped around 10% from Thursday and the LCID shares need to attract buyers during the day’s trading session. However, volume change can be seen below average and needs to grow for LCID to sustain and revert back towards its recovery phase. LCID share price needs to maintain its recovery throughout 2023 to recover maximum during 2023. LCID share price has been slipping since November 2022 and managed to gather support at $6.12 in January 2023 and managed to rally till $17.78. However, LCID stocks couldn’t sustain at the higher level; and started falling over the daily time frame chart.

More About LUCID (NASDAQ: LCID) Stocks

A premier supplier of a wide variety of items for the prefabricated home (MH), recreational vehicle (RV) and also the Electric Vehicles industries is LCID (LUCID Group Inc). The RV and MH divisions, the company’s two main commercial segments, are how it runs. While the MH sector offers things like windows, doors, and bathroom and kitchen fixtures, the RV section offers a wide range of items like awnings, window treatments, furnishings, and bedding.

Investors have taken notice of LCID’s strong performance and the stock price has risen significantly over the past year. The stock has also received positive ratings from analysts, with many of them recommending it as a strong buy.

LCID stock price has been slipping after getting back from the $12.00 and has been slipping over the daily time frame chart. However, volume change was still below average and needs to grow by the opening of Monday’s trading session. Meanwhile, LCID share price is about to slip below all of the 20, 50, 100 and 200-days Daily Moving Average. Analysts speculate that LCID share price might revert back towards its recovery phase by the opening of Monday’s trading session.

Will LCID Stock Price Revert Back?

LCID stock price has slipped around 10% from Thursday and has continued the falling streak on Friday. Technical indicators suggest the downtrend momentum of LCID share price.

Relative Strength Index showcases the downside trend of LCID stocks. RSI was at 50 and is about to break down from neutrality. MACD exhibits the downward momentum of LCID shares. The MACD line has crossed the signal line downwards registering the negative crossover. Investors in LCID shares need to wait until the share price gets support from the lower level and reverts back over the daily chart.

Summary

LCID stock price has slipped around 10% from Thursday and the LCID shares need to attract buyers during the day’s trading session. However, volume change can be seen below average and needs to grow for LCID to sustain and revert back towards its recovery phase. Investors have taken notice of LCID’s strong performance and the stock price has risen significantly over the past year. Technical indicators suggest the downtrend momentum of LCID share price. Investors in LCID shares need to wait until the share price gets support from the lower level and reverts back over the daily chart.

Technical Levels

Resistance Levels: $11.00 and $12.30

Support Levels: $9.00 and $8.00

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 any stock or crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing