Strong day for Lucid Group Inc stock price on Wednesday rising 7.09% to $26.28StockInvest.us, 3 weeks ago
The Lucid Group Inc stock price gained 7.09% on the last trading day (Wednesday, 29th Sep 2021), rising from $24.54 to $26.28. During the day the stock fluctuated 9.15% from a day low at $26.01 to a day high of $28.39. The price has risen in 8 of the last 10 days and is up by 31.99% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 86 million more shares were traded than the day before. In total, 120 million shares were bought and sold for approximately $3.16 billion.
On September 15, 2021 "Bank of America" gave "$30.00" rating for LCID. The price target was changed from 18.95 to 5.5%.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $26.45 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -12.37% during the next 3 months and, with a 90% probability hold a price between $14.60 and $23.18 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
The Lucid Group Inc stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $25.62 and $22.10. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, September 21, 2021, and so far it has fallen -1.98%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $24.95 and $24.07.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Lucid Group Inc finds support just below today's level at $24.95. If this is broken, then the next support from accumulated volume will be at $24.07 and $22.96.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $2.38 between high and low, or 9.15%. For the last week, the stock has had a daily average volatility of 7.16%.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.Check full Lucid Group Inc forecast and analysis here.