Will LCID Stock Rebound or Decline Further?

LCID stock price has slipped after the announcement of its Q2 earnings and now investors need to wait for any directional change. In order to make an upward move on the daily chart, LCID shares are in need of a higher influx of buyers. The disappointing financial results led to a surge in short selling pressure on Thursday, as concerns grew. Additionally, there are suggestions that analysts have tempered their expectations for Lucid Group, contributing to the stock’s challenges.

LCID stock price was at $6.78 and has lost 4.24% of its market capitalization during Thursday’s trading session. Trading volume is below average and needs to grow during Friday’s trading session. Buyers need to accumulate by the opening of Friday’s trading session to close the week with some growth in the stock price.

Lucid Group Inc (NASDAQ: LCID): Technical Analysis

Lucid Group Inc, LCID stock price experienced a decline during Thursday’s trading session following the Q2 earnings announement, which were disappointing.

LCID stock price faced difficulty in surpassing the $8.15 resistance point and remains confined beneath it. Currently, LCID shares require an influx of buyers to drive an upward movement towards recovery. Nevertheless, there’s an observed subpar shift in trading volume, which necessitates growth during Thursday’s trading. Simultaneously, LCID shares have descended beneath the 20, 50, 100, and 200-day daily moving averages.

LCID stock price fell 0.88% last week; it declined by 15.25% through the month. Furthermore, LCID shares experienced a drop of roughly 4.37% within the past six months and a decrease of 35.18% over the past year.

Additionally, the Lucid share price has slipped by approximately 2.73% year to date. These trends collectively indicate the challenges faced by LCID shares in their recovery efforts throughout 2023.

Technical indicators suggest the downside trend of LCID stock price. Relative strength index showcases and moving average convergence divergence both indicate the slippage of LCID share price.

RSI was at 47 and was heading towards the oversold territory. The MACD line is below the signal line after a negative crossover. Investors in Lucid group Inc. need to wait for any directional change over the daily time frame chart.

Summary

LCID stock price slipped after the announcement of its Q2 earnings and now investors need to wait for any directional change. The disappointing financial results led to a surge in short selling pressure on Thursday, as concerns grew. Additionally, the Lucid share price slipped by approximately 2.73% year to date. Technical indicators suggest the downside trend of LCID shares. Investors in Lucid group Inc. (NASDAQ: LCID) need to wait for any directional change over the daily time frame chart.

Technical Levels

Support Levels: $6.58 and $8.90

Resistance Levels: $7.45 and $8.15

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 or stock 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